You may get the properties for a good price but know what the code violations are because you will be required to bring the property up to code.

In addition to those above-referenced issues related to conversions, the additional unit(s) would require a parking space and enough lot area/gross floor area to meet the requirements in 9-703. 

There are a few others here on bigger pockets who have endeavored to do so and can attest to this  (but I will not name them).Basically AHP bought 1000s of low value non-performing loans, these require the most oversight mainly due to the condition of the properties. 

We have not disabled ours or converted to gas, but Tenant must sign a Fireplace Addendum stating if they use it, we require a higher renter's liability policy with us as additional insured, rules on wood, storage, use, safety, they pay for yearly professional cleaning each year they are there, etc.  

Well worth the money, plus you will have already factored that expense in to your cash-on-cash requirements to justify a purchase decision)4. 

To prove payments you could simply show your latest statement to the lender denying you hundreds of thousands of dollars.

For rentals, they can work well if the HOA is investor friendly and cash flow numbers make sense.Financing can also vary, so it’s worth checking lender requirements for condos (warrantable v non warrantable) versus SFRs

The ability to generate more income for simply the cost of a building is another huge cost saving over buying an expensive commercial lot and developing it.

Basically the city sends their own inspector out who compiles a list of items that are required to be fixed usually within 3-6 months of taking ownership. 

That kind of networking plus honest cash-flow analysis can open more doors than simply chasing rumored off-market listings.Interestingly, I recently saw a property here in Phoenix (ARMLS #6757476) that sold for around $450K in October 2021, then resold in December 2024 for $1.8 million.. that’s an eye-popping $1.35 million jump in just three years.