If you are buying from a municipality then there is a 5 year right of redemption before you can resell unless you get a release signed by previous owner.

Currently working on one in SCV- purchase was 620k, will resell for 740-750 after a 25-30k remodel. 

I have serious software I created back in 2001 that tracks my apartment buildings from the day they close escrow  up to today to show my annual ROI.Take the time to do the math and see if you can post all the numbers from close of escrow to the day you open escrow to re-sell the property and then this conversation gets more-interesting and clear in regards to the profit you can earn.

Supposedly the building is grandfathered in, however, I am curious what other problems this could cause in the future in terms of reselling and marketability.

A local lender I was talking to had a couple options for me for a portfolio loan which is a loan the bank will keep and not resell like a conventional fannie/freddie loan.

It is important to differentiate, there are wholesalers who do buy (close and take title) on properties, then resell.

I thought about reselling the house which would net me around 20k after closing costs.Thanks for your input!

My realtor also told me that the developers will be selling their remaining inventory for $400,000 and that I could potentially resell the duplex for that amount after close.

So, they might announce an upset price of $45k because to them that is better than buying it and trying to resell it.

'Unusual' properties are risky because they are hard to resell, especially in a pinch.