Tentative Condo Map

Does anyone have any information regarding what is involved in obtaining a condo map on an existing apartment property? The ability to condo-convert during the 2005-2007 bubble really drove down cap rates. And while converting in the current market is not an exit strategy, it would seem that if you could buy and hold for 3-5 years, once residential recovers it will become a legitimate exit strategy.
So I am wondering, does a temporary map have to be used within a certain # of years before it expires? What are the steps and costs associated with it, and is it ever possible that an apartment property would NOT be granted the map due to physical characteristics? I.e. What does the building need to have in order to qualify?

In Buying Property - Asked by David T. - Aug 7, 2009