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kingmidasJr:
I'm thinking about buying a condo building as income property with Uncle Sam's help through the Federal Housing Authority (FHA). All I have to do is live there for a couple of years and rent out the rest

Is it really that simple? Especially with Condos, that for tax purposes are different properties?

You could get FHA financing the way you plan if you buy an apartment building, but legally a condo building is a different type of entity.

Look before you leap; it seems to me that FHA would only finance you on the unit you purchased to live in. Also, is this a vacant building? If not, is it presently being run as an apartment building rather than a condo? What are the covenants on the deeds? Given that it is a condo building, you might find yourself dealing with a condo association as a legal obligation.

I have one apartment complex that a previous owner ran through a Condo conversion (God alone knows why), however, I don't encounter any complications since the property has always been run as apartment and never as condos.

However, at property tax time, I get a stack of bills a foot thick for that one property...
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