Hey Nicholas, Building your team will be crucial.

Build a list on ListSource.

Those special assessments will not be enough, and the reality is the association will likely be taking debt to approach these projects (eg. paving the parking lot, residing a building) and that financial burden would be on the owners and the association. 

My husband is a licensed general contractor with experience in building semi-custom homes, finish carpentry, kitchen & bath design, cabinet installation, and much more.

I have been told by a contractor that the foundation of the building is intact, so it does not need to be torn down but requires a "gut renovation down to the studs."

It's actually cleaner and more straightforward than building in assignment fees here and there. 

If this is your first property, you could consider starting with a smaller apartment building and going after the opportunity first, and the property as a secondary consideration.

I did condo conversions for 2 years in Columbus Ohio on buildings older than 1950.

I buy and hold.After all the gut rehabs and new builds we did in the last 5 years, I felt the same way.

- Renting it Out: The likely rent I'd get in this area will cover half my mortgage payments at the moment- Add Square Footage: Taxes will likely go up significantly- Build an ADU: Overall ROI will likely not offset much since it'll still be counted as value tied to the one house- Selling Off Land: Sits on .5 acre that I might be able to sell.