See this article for more detail about the strong local market:
One of the best resources for getting an understanding on TIC's is 1: speak with an agent and 2: do some online research - I recommend all to review AndySirkin.com as he is an attorney who specializes in this area.
As for 1st time buyer help, are you asking about $$$, usually you would need to have a minimum of 20% down for a TIC, but maybe in this case the seller may offer you seller financing until you can get the building through the Condo bypass process or you could do a â€œgroup loanâ€ and use some of his equity in the building to get it through (if your building qualifies) but remember when and if you condo the building you will need to get your own condo financing to replace the current loan.
For a face to face talk, please give me a call, no charge and if this place is not for you then maybe you would use me as a buyerâ€™s agent.
Realtor and architect
Hill & Co