As advised from my broker, I did have a real estate attorney (as they are the experts in translating that document).

Even if there isn't much to alter, I'm sure there's going to be a substantial cost in simply coming out, looking every bit over, as he's putting his name on it, and the cost of using his license.As far as lost value if I were to sell without permits, my initial thoughts were that it would not be substantial.

This translates into lower priced homes (compared to other markets for a similar type home in a similar type neighborhood) with higher margins which yields higher/better returns compared to your more popular/sexier markets. 

Also, any structural alterations, such as demolishing or adding walls, must strictly adhere to their guidelines, which I assume you'll need to consider for your conversion project. 

They are more about overseeing developments that alter these water bodies but if there is as drastic erosion as you are claiming they might be the ones to contact if you can't find any local new development requirements for stormwater.

I, again, use only a one page purchase contract for when I purchase and a slightly altered one page purchase contract when I am selling.

Every month I spend 2-3 hours translating the Appfolio cash flow report I get from my PM into double-ledger accounting for Quickbooks.  

Translation--I was a trainer that utilized the Instructional System Design and Development process to build and refine courseware in support of a learning objective.  

A pre-ordinance (built before July 8, 1957) residential building or building of mixed residential occupancy, not complying with the requirements in force and applicable to the building at the time of its conversion, may be altered so as to legalize one dwelling unit, in addition to the number of dwelling units originally authorized, providing that said unit was determined by the office of the zoning administrator or the zoning board of appeals to have existed prior to July 8, 1957, and provided such building complies with the other provisions of this chapter.

That translates to more free cash flow and higher Enterprise Value and that Translates higher dividends and then to a higher stock price.Anyway, I'm beating this to death.