Co-Op Info Needed!
Hello,
I'm very new at this, in fact, I'm going to my very first auction this coming Thursday. The property I'm interested in is a co-op, so I'd be bidding on # of shares. I'm interested in fixing the property and flipping it right away. It's up for 31K, and I'm pretty sure I could sell it for up to 150K. It would need a max of 25K to fix it.
So, my question is, how does this process work with co-ops? Can the board disapprove me? If they do, am I stuck with the place? Is there anything hidden that I don't understand? I wanted to start small - co-ops would be ideal for me. I'm just not sure if there are risks involved (other then not being able to sell the place, which I'm not worried about)
Thank you so much!
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