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Hi folks,

Long time reader, first time poster. We are considering buying our brownstone where we live with 2 other people and forming a co-op.

What’s the procedure? I’ve looked around for a couple of hours looking for a similar thread. Did I miss it?

Also, the COO lists it as one occupancy and 4 lodgers. Huh? Our mortgage broker says 5 residences makes it a commercial property and an ARM loan.

1 BR Garden Apartment (empty)
1 BR Parlour (empty)
2 studios (no kitchen in either) with one tenant (who had not paid rent in 4 years) 1 empty
2 BR top floor (we occupy)

So? What now? Change the COO before we buy? After we buy? Get the Co-op lined up?

I hardly know where to begin.