I don’t know  the specific details of your situation, but there are other considerations and options as well.

So, if your current rent roll is still on the lower side, it could limit the amount you can borrow right now.However, if you have even a partial track record showing improvements.. say a few of the units are already updated and attracting higher rents.. a lender might take that into consideration when underwriting.

Requires some pre-planning if the ceiling height exists. 

If someone is willing to live in and renovate the 2 of last 5 year capital gains exclusion is a significant consideration.

It would take considerable manpower to show every rental and every lead for a large company.

So, in your considerations, I would park right there for a bit and determine how this would look for you.Since you have about 2.5 years to think about it before you would need to spring into action to take advantage of the rollover for tax advantages, maybe you try on a rental and see how it fits. 

I will take this into consideration and if possible I'll visit whenever I can.Also, thanks for the connection with Elenis, I will reach out and maybe we will work together.Do you have properties in the area?

You could potentially tap into your existing utilities but there are other considerations that might make it worth separate utility laterals and services. 

(g) Maximum height of building: 40 feet.

definitely need to have lawyer look at it.Risks/additional hurdles- On the practical side, the absence of deeded rights makes tenancy in common ownership considerably more risky than condominium ownership, even where the TIC owners have separate financing.