A wide-ranging and detailed examination of today's foremost housing trend. Blagden and Marshall, veterans of the co-op conversion process in New York, devote half their text to that typically protracted, troublesome process: from initial circulation of an offering plan through closing, and beyond. Their advice to tenants is standard: organize--to gain time, to retain a qualified attorney, to counter harassment or ""discriminatory inducements"" that encourage the breaking-of-ranks. They also review such key aspects of conversion as no-buy pledges, trading (or selling) the right to an insider's price, engineer's and accountant's reports. They take up the provisions of the final offering plan, complete with worksheets that project monthly maintenance or carrying charges and probable tax consequences. In the post-conversion period, Blagden and Marshall note, many new co-op/condo dwellers have difficulty coexisting under strange house rules, discarding their ""renter's mentality,"" and joining forces for mutual benefit. First-rate for those undergoing conversion, and a useful reference for prospective purchasers.