Based on your response Katee you clearly have not read through my comments in any detail or tried to understand my perspective or concerns.

When you go to sell, Montvale requires a certificate of occupancy so this issue has to be resolved in advance of a sale.Although I am not a lender, I assume you will not be approved for an owner-occupied mortgage on 5-units if it is a legal 4-unit without some type of mortgage fraud whether in reported rents, units, or another legal document or representation (very very large issue from a legal perspective with multiple arrests in the last year for anyone playing fast and loose).As far as the DCA, I would recommend coordinating your work with the city with the DCA.

What data has shaped your perspective? 

It’s great to hear your perspective on appreciation versus cash flow—it’s something I’ll keep in mind as I refine my strategy.You mentioned local meetups in Northern New Jersey—do you (or anyone here) know of any good ones closer to Somerset or Middlesex counties?

As you get larger, you can typically get better management fees, but you typically won't shift from a flat percent to percent + payroll until you get closer to the 40-ish unit range.

While this meetup idea comes to fruition, would love to pick your brain about the Kingston area as I get fluent with it from a RE perspective. 

The 65 year old lady that was struggling though her shift at Lowe's was cutting my blind.  

Santarelli, in the second of the two videos given to perspective investors, adds that Dressbarn was purchased at the “Federal Bankruptcy Auction,” and that Norada Capital Management walked away with all the intellectual property for the company which includes the trademarks, the brand name and equity, the website, the URLS, and most importantly the customer data base ( Link, 18:05 to 18:26).

Hi Y'all:I'm exploring the possibility of getting into Transactional Funding and would love to hear your experiences from both the lender and borrower perspective.

My developer client successfully defended the initial challenges and settled on this having PE rights, so he shifted the site plan to avoid the issue.