Co-op purchase can this be long-term investment?

[Cynthia Perez]

Hi There,

So I am recently starting out I purchased my first investment property through Tax sale and looking to remodel very soon, considering washout refi and rent it and continue to buy more property, in the meantime I was shopping around for a primary residence however the one deal that has caught my attention was a co-op purchase that sits on 13acres in upstate New York and serves as a summer camp families rent out small cottages around the property and they are all fully rented each year, this home is the only year round home on this location 4bed 3bath which I happen to truly like. My intention is to reside in the home for several years and potentially rent it out or sell it long term however, the current owner has informed that the home will not qualify for a mortgage due to the restrictions of the co-op. Once paid in full I will receive a shareholder certificate, this seller is said to be one of the largest shareholders as he's been grandfathered in over generations. The situation appears to be risky however may open some options for applying for mortgage for investment real estate and will not affect my DTI. My biggest concern is the seller appears to be having trouble selling the home since it is either a cash buy or seller financing. I can see how this can be a bit of an issue long-term trying to sell in the future considering this is a sellers market. Price is at 159k he is asking 15% down and HOA fees are $539/month I like the idea of continuing my investment in Realestate without having to worry about taxes and having HOA cover some repairs if necessary. I also feel that I can simply add this to my rental portfolio down the road. The selling feature and no title or deed scares me and not something I am familiar with. I can always rent out or Airbnb in shared community with pool and volleyball court etc. later down the line. Any thoughts or advice??