You can't do both at the same time, so there is a distinct change in strategy when you have to say it's enough.

You won't be forced to de-convert unless you have violations...eventually the city will start fining you.Very critical terms are non-conforming (no violations - grandfathered in) vs. illegal (violations)...

These steps can reveal potential issues upfront.You’re spot on about reserves; they’re critical for navigating situations like this.

Know how to take constructive criticism.

However, as many will tell you on this website, know your market so you can be more critical when looking at the pro forma.

You are getting a lot of encouragement and criticism from both sides.

My experience indicates that solid due diligence upfront on the economics is the critical factor, the tax aspects often take care of themselves with only modest planning.

It is critical to know the condition and rehab costs, but buying low and doing the deal in the purchase helps with overall costs as you enter the rehab phase. 

Regulatory oversight is critical. 

I've been setting the record straight so many times against unwarranted criticism and ignorance about the country and its state of affairs  (while acknowledging its issues) that maybe the government should make me a honorary citizen!