We've gone through the Site Plan Approval process with the City, have officially split the lot into three parcels, and are expecting to receive our building permits this week (yay!).

Arranging financing, forecasting cash flow (it's not "rent minus the mortgage"), managing contractors, managing tenants, managing property managers, dealing with permits and city inspectors - it's a lot more than the average person realizes.

Under the laws of most states, when a corporate entity is dissolved, until a court appoints a receiver, the business and affairs of the entity shall be managed under the direction of the trustees of the entity’s assets to undertake the acts necessary or proper to liquidate the entity and wind up its affairs.In the context of LLCs most state laws permit the remaining members (or sole surviving member) of a limited liability company or, if the LLC has no remaining members, the personal representative, guardian, or other successor to the last remaining member of the LLC to wind up its affairs.The title company needs to do its research and not resort to the "you need to reinstate the LLC" position that many default to.

I asked my agent why the Sellers would downplay the property as only 1,895 sq ft and she said it looks like the current owners bought the house with the sunroom install, but could’ve later added the heating/cooling systems BUT, didn’t go to the county to get it permitted/assessed to be added as true sq footage.

Would I need to pull permits to do this? 

Do you have the permits and the plans?

Both long and short-term rentals are permitted, which would give you a ton of flexibility, especially if you'd like to come down and stay a couple times a year. 

Their fees should get assessed back to the unit.If the CCR/Bylaws permit you to fine the unit owners I would send a letter stating, the board has voted to assess a $25 penalty per day beginning April 23, 2023 and continuing every day until proof of insurance is received.

I asked my agent why the Sellers would downplay the property as only 1,895 sq ft and she said it looks like the current owners bought the house with the sunroom install, but could’ve later added the heating/cooling systems BUT, didn’t go to the county to get it permitted/assessed to be added as true sq footage. 

As a broker, I'm always trying to find the best deal for the specific client and property.If you are looking for local private money lenders, your local real estate investment groups might have some leads for you as well.Most institutional private lenders are going to need an appraisal/valuation of the property, and permits to be issued for the construction of the building (if your area requires it).