Reducing Unit Count to Loan Qualify?

[Austin Shute]

Hello all.

I am pursuing a deal in an excellent location in Providence RI with good cash flow potential.

It is a 2&1/2 story 5-family with 5 set separate meters and breakers. The layout is:

1st floor: (two) 2 bed 1 bath

2nd floor: (two) 2 bed 1 bath

Top floor: (one) 2 bed 1 bath “attic” w/ low ceilings

Trouble is, the building must be converted to a legal 4-family since 5 is commercial and does not qualify for my mortgage. 

Can someone give insight on how the 3rd floor could be made into storage so that it will pass inspection as a 4 family? Must a meter be disconnected or removed? How about the 5th bathroom?