Cooperative housing is a proven form of multifamily homeownership.
It has many benefits and has been used to meet a variety of needs for all sorts of people. One of the most common methods of developing new cooperatives today is converting an existing rental building or buildings into cooperative housing owned by the tenants. If you are thinking of converting an existing property to a cooperative, be realistic about the feasibility of the project and be sure to research the costs thoroughly. A detailed physical inspection and consultation with contractors will be needed to determine the condition of the existing property and the rehab costs. In addition, you will need to examine the demographics of the current residents.