It's possible to have a legal basement unit, but usually basement units are not legal units so I'd strongly urge you to ask the building department (NOT tax assessor) the number of legal units on that property, if possible get a zoning certificate confirming that number, etc.

I suppose they could withdraw the Certificate Of Occupancy, or if one was never issued, they could declare the property 'unlivable' and force you to get it permitted and brought up to code.What a mess!

I am currently a property manager for a large real estate brokerage and I would like to know if anyone could share some insight regarding the worth of obtaining the CPM certification.

Here is a listing from Mpls' webpage, a bedroom must be 70 square feet: https://www2.minneapolismn.gov/business-services/licenses-permits/construction-permits-certificates/building-requirements/habitable-room-definitions/  The definition doesn't list 7 feet but anything under 7 feet would probably be looked at as a closet by most people looking to live there.  

It should cover nonpayment & eviction costs also, which you will have with Class C tenants.2) Class C will also have higher RentReady turnover costs3) If this is in Detroit, what about Certificate of Complianec repairs?

As expected, no one bid on these two parcels so I paid the taxes on each ($5,874.69 + $5,967.39) and received the two Tax Sale Certificates.

If just managing it, check local and province laws about what certifications or licenses you may need.

For anyone looking at this in the future, if you want to get an LLC in Texas, this is how:First you have to get your certificate of formation / filing from Texas Secretary of State...1) Go to http://www.sos.state.tx.us/2) Go to "Business Filings -> SISDirect - Online Searching and Filing.

You want to get it inspected first if you want a certificate.  

Is there some sort of financing certificate that would be value added?