You have done BRRR and now its time to add another "R" to it to make it BRRRR :) (Buy - rehab - rent - refinance - repeat)We are doing something similar.

(not interested in maybes or hypothetical guesses)Reason being - New Jersey is loaded with oil tanks and a septic system is not uncommon.

The owner would need to hire an civil engineer and real estate attorney (google "condo conversion attorney") to get this process started.The civil engineer would be in charge of designing a condo map and the lawyer would be responsible for the CC&R and legal docs. 

The only time I would likely offer a home warranty (especially in this seller's market) would be if I knew major systems were reaching their endlife (HVAC, for example), but did not replace them in my remodel for some reason.

Originally posted by @James R.

A couple of issues that I had not originally factored (shame on me) were: Sprinkler system requirements, upgrading water and sewer connections for much higher capacity, upgrading electric and gas (plus meters) for higher capacity.

There is this complicated and deluxe system!

However we are having trouble determining a strategy – we go back and forth between in-town lower income neighborhood with potential revitalization OR way out burbs (Canton/Woodstock) with good school systems and lower taxes.

Rehabbing windows and starting interior millwork.Closed Cell spray foam under roof for air tightness and max R-value in shallow rafters:Basement walls lines with 1.5" EPS foam board before framingSuper expensive historic reproduction windows that meet egress

The property says that it is on a boiler system, so you might want to check if the owner is responsible for utilities.