@Jaymes CrokenThe "special assessments" occur when the condo association has insufficient funds to undertake a needed capital expenditure (i.e. new roof, repointing brickwork, etc).  

Lot's of hurdles for him to be approved for financing on such an undertaking in NYC.

But co-living could work...just find someone local who's doing it and see if you can take a visit and then determine if it's something you can undertake. 

Clearly taking one of these types of deals down is not a simple undertaking and I can see how difficult it would be for a seller of a portfolio of SFRs to sell it kit and caboodle to another investor.

Digging deeper into this I see theres going to be more complications and a bigger undertaking then I thought.

While you are all worried about the risks you are going to undertake, you worry yourself out of possible deals that could be sure-fire winners.

I have a plumber coming today to assess things and make recommendations but I have the feeling this will not be a small undertaking. 

A corporation for profit or not-for-profit, a partnership, a limited liability company, a business or statutory trust, an entity or two or more persons associated in a common enterprise or undertaking. so that section does apply, from what i m reading but i am not an attorney, and will check that just for my own knowledge.

 This is a VERY risky undertaking you're considering.

While the numbers may look good now, two things can happen:     1) your reports will give you ammunition to get an even larger discount on the property     2) your reports will give you a better understanding on the amount of money that it'll cost to repair all the issues therefore giving you a more definitive answer on whether it is a project you want to undertake or to look for a new opportunity More information will provide you with the answers you seek!