Sidenote: I am a note investor and play in this space as my full time job, so I am not some crackhead. 

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.

@Brady Ascheman To make the decision strictly from a Property Management standpoint you have to calculate your vacancy cost and cost to acquire a new tenant to know if a rental increase is even a smart play. 

Redeveloping into mixed use live/work/play projects has been the most common proposed solution the past few years in my area. 

Happy to chat.Los Angeles is an appreciation play.

I don't think anyone has ever said anything about sheets, towels, Keurigs, wifi speed, tv stations, pack-n-plays, the games in the game room, the upgraded appliances, etc.

If first time home buyers are having a difficult time coming up with the funds for even the costs to play as a first time home buyer then are the non profits supposed to pay the buyers agent commission too? 

I would only consider Decatur for a cash flow play, not an appreciation play.  

I think new investors who post here and take all the feedback as a whole, with a grain of salt, can really put it into play in real life and then discuss with investors at meetups in their area to get over the hump.

This could be an awesome play..