It's a single entry at the end of the list, but this is a huge part of the process and it will be different for each co-op.
This step may take several years, depending on your group’s readiness and resources. New construction will involve a team of professionals and contractors and will almost certainly bring surprises and take longer than you hope. Acquisitions will face potential requirements for building upgrades. Be sure to select your team well and ensure they have the experience and expertise you need.