Condo Conversion Program - Any Feedback?

[Jeff LaBonte]

I attended an REI club meeting and heard a presentation by Boston Equity Investments, LLC. Called himself the sister company of Freedom Equity Investments, though that site lists BEI as a customer. Anyway, I did a search of this site and found nothing on either company, and was wondering if anyone had any idea about their "program.?"

The idea is they buy multi-families in a targeted community below FMV, resell it to you the investor at FMV and provide some management services and what they claim to be "cash reserves" but are really proceeds from the loan you take out. Then they assist you through conversion to condo units 24-36 months down the road. Anyone seen anything similar, have any experience, etc.? It seems, well, like not a good deal because it seems like a good deal...Thx in advance