Condo Conversions: what's your scariest story?

[Alan Brown]

I think I've got a great deal in front of me but haven't done a Condo Conversion yet...  Still working out money details, so I don't have those totally clear yet, but the City seems very encouraging and I know thats a good thing.  Have heard nightmares about not being able to find insurance (dated anecdotal story!), and am looking for other things to watch out for.  Its an older building, so there are not dual walls between the units;  I imagine I may have to remedy that, as all the condos I've seen need to have an airspace between them.  

And will need an attorney to set up the HOA. Do you have to start out by funding the HOA yourself?

Any advice?