Maybe talk to the city and see what the process is.Now of course you don't know how things are going to play out.

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.

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

As you discover opportunities, continue looking for the longer play!

@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. 

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? 

Should I gamble on this or look into how to file a class action lawsuit against the State of California and the Judicial Council?

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.

I graduate in may and I am projected to play professional baseball after the MLB draft in July.

We're probably not going to take the risk if we're busy agents to play that game.