Financing and Low Owner Occupancy
I have been looking to buy a small condo as an investment property. Oddly, two properties that I've looked at recently are in bldgs with low owner occupancy. But the reason is not foreclosures or anything like that. The reason is that the original apartment bldg owner filed a master deed to condo the bldg, but still owns 50% - 80% of the units, and is not trying to sell them. I'm not sure why a bldg owner would do that, but my real question is how does that complicate obtaining a mortgage.
I would not need a mortgage to acquire a condo, but obviously someone that I might wish to sell to might need a mortgage. Also, are there any non-financing issues with this scenario?
Thanks for your input!