Some OYOs do have seperate tax bills. That is not the problem. Lenders and our attorney who has dealt with OYO problems for many years has told us that the financing problem is simply that lenders don't want to deal with something that they are not familiar with. Whenever a willing lender does pop on the scene, they have lots of requirements like high owner occupancy, high loan amount and high down payment, and high interest rates. If you can buy the place and wait about 2 years to begin repairs, I would recommend that you first speak to the HOA and Tim Murakami to find out what your chances are to convert the OYO to condo before you buy it. Murakami is very experienced in conversions and will answer your questions. There are no guarantees that you can get it converted and it's a lengthy process, which is why they are priced lower than condos.