@Chris Laino an investment in a flood zone is clearly going to cost you more because you'll need flood insurance as mandated by the banks.

I have been told that often they only mandate transferring title back but I suspect they could call the loan and not provide the opportunity to transfer back.  

Legally, they are mandated to present any and all offers, whether in writing or verbal to the Seller.Your offer should reflect the condition of the property.

@Ray HarrellI've heard conflicting views on whether or not a closet is necessary to "legalize" a bedroom and I can't find anywhere in the Chicago building code where it mandates one. 

In 2020, new homes in California will require them. http://www.jlconline.com/business/california-mandates-solar-panels-with-a-battery-option_o

There is so much that goes into property management obviously, but finding out your states mandates would be first!

@Luz Pagan  Here in MA, many towns mandate that septic systems be sized for a minimum of 3 beds.  

If you buy a 4-Plex and decided  to pull a permit for one Unit to start your renovation project and not the other 3 can the building inspector (plumbing, electric) mandate that you show the other 3 units during the first unit inspection ? 

There may be a delay to start, but all other payments are mandated by the court and paid by the trustee - better than gold. 

If there's no requirement, don't expect to get a disclosure - besides, even if they give you the state-mandated form, chances are it's not going to actually show anything other than you're buying the property as-is and the owner doesn't know anything about the property