New Investor Multi-Family Renting/Flipping

[Joshua Nguyen]

I have been spending time looking for property and found an interesting place in New Orleans. The place is currently considered a Duplex with 2 shotgun style layout on the upstairs of the property. The downstairs used to be 2 separate units but it was flooded (I think Katrina) and it has been gutted to the studs.

I am wondering is it possible to rent out the 2 sides, say that i am living in one of the bottom units and work on fixing the bottom place.

Any tips or help is appreciated. This would be my first property 

[Mike Wood]

@Joshua Nguyen You need to check the current property zoning.  It sounds like you are talking about a old fourplex that currently only has two units being used. 

If the property is only now zoned for only two or less units (the finished upstairs units), then it is very unlikely the lower units will be able to be rebuilt.

This assumes that the lower space was not being actively being used (finished with utilities).  This means that the property has lost its grandfathering status with the city for the extra units and will not be able to be rebuilt as separate units.  Also, the lower units may be below the area's base flood elevation, which would prohibit you from rebuilding them unless you somehow raise the house.