Multi-Fam with Residential Zoning - Would you buy?

[Blake M.]

Hi All,

I've seen many MF's in Philly that are not zoned properly - I am considering one in particular in an up and coming area that cash flows well but is zoned residential.  However, the owner has licenses for each unit and has been able to do so annually.  Couple questions for the group:

1. Would you still consider this property?

2. If you have a license but not the zoning, do you lose any core benefits (i.e. the ability to evict)?

3. What specifics would you write into the offer contract to protect yourself?

Appreciate any thoughts here. 

Thank you!

Blake