Bruno, I have converted about a dozen properties (13 units to 56 units) to condominium ownership.  

I have done the math as it relates to condominiumizing the project and selling it off - BUT in terms of the long-term hold; the numbers do not make sense. 

This is especially true for condominiums or cooperatives.

Hey Hao,First, just a disclaimer that I am not super experienced with condo sales, but from what I recall:You should use the Residential Condominium Contract (Resale (with any relevant addenda), have the condo association complete the Condominium Resale Certificate, be pre approved to join the association, and also make sure the seller knows you are the buyer and you do not represent them in the transaction (get this in writing). 

I recently made a small purchase on a 2 bedroom, 1 bathroom condominium and would like to rent out the bedroom.

I don't have too much equity - it's actually a condominium. 

I would never sell this property due to family history but might consider doing a commercial ground lease for a condominium or town home community. 

I get wind of an estate, it is in a condominium complex.

If the multiunit property is something along the lines of a large condominium complex / large apartment 30 unit complex, then the ball game seems to be a little different (But i cannot say, I'm not in the apartment / condominium complex game)Based on some experience I have, if it's something as of a duplex / SFR style multi unit, you can probably do it yourself (even if it's a couple hours away).3.

If I am not building ADU my down payment will be more like $80k for a starter, but that amount will hardly be enough to get me a multiple units let alone a single condominium in SoCal.