You are treading on SEC regulated activity and you probably mis-heard what is permissable under the Jobs act.  

Over here I would have to invest for the sake of appreciation rather than cash flow, which is not the territory I want to be treading on.    

If more foreclosures or short sales on the horizon it can put the performance of your property in  a funk for years treading water.I would feel better about this property if it was an older owner that had occupancy for 85% or better the last 5 to 10 years and wanted to retire.

Tread lightly, especially since he lied on his application. 

I would tread lightly.

After a couple of years treading water as an absentee landlord, we were able to sell it at a modest profit - which we put back into rentals locally.

You're treading into the unknown--in this case, it's the word "historic" that's scary.

There are so many things that can go wrong here, tread carefully!

I would tread carefully and NOT use the link you provided. you can find the code at this link it is longer and a little hard to translate.http://www.dgs.ca.gov/dsa/Programs/progAccess/acce...Also it is important to keep in mind that the parking requirements as far as quantity for accessible stalls is less for multi family than commercial (dimensions are the same)You may be interested in getting a CASp report for your property the report will tell you exactly what you need to bring your property into full compliance and certify it.

I am NOT an expert, but it would seem to me to be treading very close to a prohibited transaction.