My units are roughly around 1100 sq ft and if i choose to, I could build a mezzanine, bathroom, or a ceiling fan or all of the above.

Is he going to refi some out as a 2nd or keep most or all of it in the property.

If you have not done any or all of these things, your search for debt and equity capital is premature. 

They should have focused on customer loyalty first and got that right or all of the people here thaf are saying they’re looking for an alternative might have stayed. 

Sellers of course have every right to reject any or all parts of your Offer.

An oral agreement was in place.

It is also a capital intensive process, but a condo conversion is usually the highest and best use of the property.One thing you really need to keep an eye on is to make sure the properties are renovated to the quality that will bring in conventional loan buyers or all cash buyers.

., from a C to a C+, or all the way to a B?  

You can also ask the seller to pay some or all closing costs in order to save some money at closing.

Issue is Electric vs gas :(  utils will be expensive and you need to address that at lease orally with the prospect.