The eligibility matrix shows a distinction between 1, 2 and 3-4 units right?  

The key is not the type of real estate you are buying or the number of pieces.  

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. 

Just need a piece of information before moving forward.

I realize many people have their properties set up as a distinct/separate entities, LLCs, etc.

A little back story, the previous owner, apparently was a piece of work.

Imagine both of your units were vacant and you were advertising for tenants to rent each unit at $800 a piece.

We are contractors and were going to use most of that money to build a house on a piece of property, we own free and clear.

(adult being an important distinction, I didn't get allowance when I was a kid, ugh) I'm thinking what I can do is let my sister list it, have her figure out what market value is so I don't have any family battles over fair value and her time renovating it.

If I own the pharmacy, I have:Rent - a premium, high-rent payer,Credit – tenant has great credit,Building - vertical improvements in the form of the building,Site Improvements - in the form of a parking lot, curbing, storm controls, etc,Zoning – I own real estate zoned for a broad variety of commercial uses, andReal Estate - I have a great piece of underlying ground on the hard corner of a signalized intersection with the highest traffic counts in the area.There is a market for this type of product.