May as well get the marketing started right away.

As with all lots of residential character there will be a requirement for front, side and rear setbacks resulting in a loss of buildable area further reducing the building size (no permanent structure may be constructed in setbacks)  Depending on city zoning ordinances there may a provision of a zero lot line (meaning possible reduction of side yard setbacks)  with zero lot lines it may be possible to build a  20 foot wide structure, however you may be restricted in height and required to provide additional fire protection between your property and the next.

Between the two transactions it may a wash or I may pay out a bit more to buy.Question: is there any advantage to my doing a secured loan through my credit union and just pay off the note in full a few months down the road.

It may a very long winter for you.My suggestion is you dump it wholesale and cut your headaches.

May as well just have an option to buy it.  

While we have some NOVA investors gathered in this thread, I may as well ask something else.

May as well get your own selling agent and have them help.  

If you truly have millions of assets and you have hired trustees to manage your property you can play hide the ball a lot longer, but if you have that kind of money you may as well incorporate and hire a board of directors to run it and again have protection from liability. 

Maya Clark (CA & TX Broker/New Investor)

Consider this scenario: you buy this place, and in the first two months the boiler breaks and needs to be replaced and one of the inherited tenants moves out, leaving behind a unit that can't be rented without new paint and new flooring in at least half of the space (may as well do the whole space so it's consistent throughout, right?).