Same with permits .

We have anything from multifamily & single-family properties that are already tenant occupied to permitted lots, so it works perfectly to consistently have something that can close in 45 days or less.

It sounds like you have an un-permitted unit, which is essentially always a risk since there has been no notice to the AHJ that it exists and they can therefore initiate a code case to have it removed in most cases.

For our ADU (garage conversion), I am handling the design/engineering and then selecting a final contractor once its permitted and ready to go. 

thanks for the guidance @Kaushik Sarkar Since it's development it will take longer to get to the exit. 3 years could be right depending on the market, if the project requires entitlements, how long it takes for permits, no major utility obstacles, etc.

The $56-a-unit process requires landlords to be up-to-date on their property taxes and for the properties to be free of any safety or building-code violations.Since landlords are not legally permitted to collect rent from tenants of a home with an inactive license, the system is designed to serve as a check on property owners, forcing them to address safety violations and pay their taxes.But Philadelphia’s Department of Licenses and Inspections lacks the resources to hunt down property owners who flout those rules, said Karen Guss, a spokesperson for the agency.

You also mentioned meters, do you have to separate meters, get approval from the city and pull permits?

Good points.I'd add square, level, plumb - license, insurance, bond - using permits to follow codepointing out problems the owner doesn't realize they have that are serious. 

One key factor to confirm is whether the STR permit is transferable, as regulations can change.

So are you trying to avoid pulling permits?