Question- If we're capped on the number of financed properties we can get conforming loans on, wouldn't it make sense to acquire the max units possible under this limit, all other factors being equal?

Don't mess with the property unless you do it up to code and w/ permits..... if you do mess with it... you loose non conforming rights to the building... and you will be liable for it...I still don't see the question... unless you just want input...

Your water proofing and your vapor barrier will all be on the correct side.2nd thing if your underlayments and water proofing don't conform to the TCNA then don't do them.

With standard conforming loans you would normally have a 30 year loan. 

It was a non-conforming use in a SF zoning. 

Is he legally held responsible to conform to the Uniform Building Code (UBC2006, UBC2012 or whatever is required in FL)?

With new ownership see if the inspectors would give you some time to conform and look at increasing your income throughout the units in addition to signing new leases with the tenants to make sure you don't end up vacant at ownership.

If the mortgage position you are bidding on us conformed to be junior to a HELOC, you can only estimate the loan balance (unless you have authorization from borrow to obtain actual beneficiary loan statement). 

If you really have that much cash, you could expose it in your P&L, and create a $1.5 MM credit line, and other collateral to secure it.Now you can go wild by making offers every day (take off Sundays) on houses, non-conforming real estate, commercial properties, lots and businesses with real estate.You if you are really savvy, you could double that money in 6 months (or call someone with the smarts to help you!)

On top of that, I'm no investment guru, I just know how to follow good advice, ignore bad advice (unfortunately there's a lot of that on BP too), and have gotten very lucky that the market where I live has been VERY hot for the last couple years.My big general advice to the community would be this: take advantage of all the subsidies available to you; get as many conforming Freddie/Fannie loans you can, try to live for two years in your over-performing flips, unless you're working at a high volume, and learn your business.