For most buyers, rental is not a financially feasible use for a TIC. Furthermore, the presence of tenants may hinder or disqualify the building from condo conversion, depending upon the number of units in the building and the number of tenant occupied units within the building. Furthermore, if there comes a time when you wish to sell the unit and there is a tenant in it, the presence of a tenant will negatively effect the sales price and days on market. For instance, if it is a five unit building and you own a 20% share of the property as a TIC, neither you nor a potential buyer would have the necessary percentage ownership to do an owner move in eviction.
You should know that if a TIC building has a tenant in it, all of the owners have potential liability for claims of tenants, even if the TIC owner who is doing the renting may have obligataions to the other TIC owners. For that reason, if there are tenants in a TIC building, I recommend a requirement in the TIC Agreement that wrongful eviction coverage be obtained.
I'd opt for the condo as a rental potential; not that you can't rent a TIC, but there are a number of exceptions depending on the history of the property. Rent control covers older buildings built before June 1979. Buildings that work well for corporate rental are The Portside, The Parc Telegraph, The Bay Crest. Two unit buildings are fast-tracking for condo conversion; you may want to go through conversion before renting it out.