The main reason I would want to do this would to just increase my cash pool so I can invest in larger complexes with better returns.

There are lots of unknowns and many moving parts on a rehab project, and adding the whole condo conversion piece to it can launch the complexity into the stratosphere. 

All that said I'd like to have an apartment complex with more units in one place to make things easier and have more control on the value of the property.

Complexity being that my mom is retired and doesn't want ANY income for whatever financial planning reasons and she doesn't want to do the work, but she's liking the idea of keeping the wealth in the family and we've had a very good financial relationship for my entire adult life.

I own a 20 unit complex and recently had to let my existing property manager go and hired a new one.  

Little falls is a small town and they have a big complex at the falls and a big apartment complex next to that, also some areas are prone to flooding, so you need to be careful there.

who pays for utilities,, if electric is separate,, let the tenant pay the cost of the stove..More units have electric stoves than gas in just about every apartment complex. because gas lines cost more to install and tenant usually always pays electric. 

Looking at a 120 unit complex in Memphis but I'm out of state.  

It just adds complexity and cost.

I welcome a conversation on the difficulties and your experiences to address the above mentioned questions/ complexities.