You'd also need to establish a budget, and secure a master insurance policy. i THINK you need to do these things before reaching out to your municipality to have it converted officially with the county or city but they would be the first ask for steps in order.i will add, this would make financing on these units a bit challenging, as in the mortgage world, at least initially, they would be considered "non-warrantable" condos.

It was all very confusing and challenging because getting free information wasnt as easy as it is now.

After watching the trends and digging into the numbers, one thing is crystal clear: New-home sales 2025are shaping up to be the silver lining in what’s otherwise been a challenging market.

@Keetaek Hong I have a lot of clients who are facing the same challenges but they understand the long game and that it's imperative to build a portfolio, With that lowered interest rate I mentioned you are looking at 30% down and including PM fees will typically have you around break even or barely positively cash flowing.

Challenges?

I’m also concerned about challenges like dealing with difficult tenants and navigating new taxes.

While Colorado's market can be challenging due to high prices, exploring suburbs like Colorado Springs or Pueblo, or even considering out-of-state markets in the Midwest or Southeast, can open up better cash flow opportunities.

This does pose a challenge since that real estate is a lot more expensive than if you go more west and south.

I wasted too much time trying to piece it all together and when you're in different states it's all the more challenging to make sure everything is legit.

Challenges?