Hey @Joseph WrightI don't have any direct experience with pre-existing MF now zoned as single family, but I am aware of situations where the sale has caused trouble with the grandfathered in non-conforming use.

Brokers have the ability to stop syndicating their listings to Trulia and Zillow and other third-party sites with a simple click of a mouse.My brokerage, Hub Edge Realty, has never syndicated its listings to any third-party sites except Realtor.com, because Hub Edge Realty's MLS, MLS PIN, has a pre-existing agreement with Realtor.com, and MLS PIN Homes, because it's MLS PIN's own search site and is not bedraggled with competitors' advertisements.

If you caused it (or it’s a pre-existing condition) you would have to fix it, or you are playing with the doctrine of unjust enrichment and some unneeded liability.

If this was a preexisting mtg, and is not in default, after this time the balance should be very low. 

We found that the 506(b) format really limited us because you could only solicit people with whom you have a pre-existing relationship.

File a formal claim,  Then have your insurance company produce to you the section of your policy that excludes damages preexisting prior to acquisition.

It will also help you satisfy the pre-existing relationship point of the Section 506D! 

David, We are NOT a Crowdfunding site but hope this is helpful and offers you an alternate option.Syndicators that use a 506B SEC Exemption and allow sophisticated investors into their syndication after establishing the proper relationship as 506B Exemptions require having a substantive preexisting relationship before you can co-invest/co-own with the syndication team.

How would you advise someone looking to get started with note investing to do so in 2018 given your two points above if they don’t have any pre-existing relationships in the space?

For example, if i was on the listing side and a tenant rep broker even asked me questions 3, 4, 7 & 8 I would know that I wasnt dealing with someone familiar with the product type and therefore what is considered "market", so i have already gained an advantage.Additionally an office broker might have a pre-existing relationship with the landlord (familiarity) or the listing agent, which makes the transaction smoother.