Hi Elaine,
On the financing questions I can help. Renovations can be financed through a FHA 203K loan. This rolls up the purchase and the renovation cost all in one loan. There are limits to this type of mortgage. I can walk you through it email me with questions. michaelm@fifcorp.com

Give me a call at (718) 698-2179 at Prosperity Real Estate Group or you can email me at CGALINDO@PROSPERITYREG.com, We are on Richmond ave as well, I can help you answer any questions you may have, this is not commitment to come with us. YOu can call and inquire about this even if you are already working with someone. Buying a properity is a constitutional right, and we are here to make sure you are not provided with erroneous information. We welcome this questions because it allows us to do research for you and ourselves which we can share with others.

My Name is Caesar Galindo Office manager, and Law Student at CUNY Law School.

First and foremost , get a good Real Estate attorney, do your research in terms reno and carrying cost. You might have to hold it a little longer than expected because of the mortgate crisis.
Weigh your options, timing is everything. Good luck.

Gail is correct in answering your questions. Park Slope area is wonderful area. When speaking with a contractor a suggestion is to ask for a square footage price range for your gut renovation. This may help you in preparing for the type of renovation you want and know how to forecast that expense into your budget.

Good luck with your endeavor and feel free to contact me should have more questions about purchasing in Brooklyn. I have listed and sold in downtown Brooklyn for over 3 years and would be happy to answer any of your questions.

Start off by sitting with a Realtor who will explain the entire buying process to you.
Be ready financially to be a "good buyer" by having your credentials in place.
If you hire the Realtor to represent you and your interests, she/he will provide you with good comparable information on local recent sales to give you an indication of what the true value of the co-op is.
I am not sure why city regulations would come into play in your renovations, but certain the board will...perhaps you can contact someone on the board and talk about what you are looking to do and if it would be feasible in this particular building.
You also have to be accepted by the board...they can deny without a reason.
You will also want to bring in a contractor who can give you an estimate of what it would cost to do what you have in mind.

You have a lot of research to do before you move forward. Move slowly and get all the answers first.

If you need help locating a local Realtor, let me know...I will be happy to refer you.