It was very painful. 

Was able to reduce electric about 60% through energy efficient upgrades, and then put rooftop solar on the place (going in now, permits for commercial are a pain in the @$$....Will nuke out the power bill, just have a few bucks for connection fees.  

So it's not like Turnkey is pain-free, you have to do the work and know how to avoid being taken for a ride, like pretty much any big financial decision in life.I am always happy to provide info to new investors, as it fuels my BP addiction anyway ;) But before you or your friend make any decisions, it's crucial to have a serious heart to heart about what the goals are for the investment and what your needs are with regard to time commitment, risk, and control (do you need to be near the property, do you need to be in charge of tenants?).

They share the same meter so pain to rent separately but, good for this I guess.

Now if they aren't paying on time or are a pain, not taking care of the property, etc. then by all means put them on notice and they either enter into an agreement or you put them out.

You need someone to quarterback on your behalf or the loan side of things can be a very painful and time consuming experience once you get down into it. 

This thread is Still painful to read lol

Thank you sir, may I have another.PS is for Pain and Suffering that a refi is.  

His concern with going in on a deal would be the pain it would cause me and/or the property in the event he goes through a divorce. 

At the time I bought, the HOA was just formed, new, and it would be a pain to get the approval, as no one knows who is in charge yet, so they decided to go this simpler route.Many established apartment buildings in NYC converting to COOPs are done this way, with sponsors initially selling to a groups of wholesale investors.