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Understanding the difference between a condo and a multifamily residence

MRI Software

By understanding the pros and cons of each property type, youll feel confident making a decision that aligns with your goals. A condo, or condominium, is a privately owned unit within a larger multi-unit building. Multifamily properties face stricter financing rules, particularly for commercial properties with five or more units.

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What is multifamily property?

MRI Software

Property managers with these properties in their portfolios will need to know how to navigate the unique challenges and rewards that come with managing homes for multiple families. What is a multifamily property? The HOA can provide added amenities and maintain the property’s exterior and common areas.