If the former, note per Union City Rent Stabilization ordinance (https://ecode360.com/15397000 is a slightly outdated version), "the terms of this chapter apply to individual dwelling units within a building, including condominium or cooperative units in the process of being converted, or having been converted".

The trustee, borrower or bank can ensure you get your hand slapped hard for approaching the circumstance as a work-out or foreclosure fix it guy without a license or being an attorney.Let's say that we can approach the owner and be in compliance, which you can.You will not purchase a note as an individual investor from a bank that has started foreclosure by making an offer like that.You get a request from the borrower for the bank to sell the note in lieu of payoff as demanded.

If a claim is filed and the property is owned through an LLC the individual members are less likely to be named in the complaint and that above all else keeps the members name out of the docket.

If the person views the successful individual as someone at a lower station, from any metric, age, profession, education, ect the effect is magnified which drives them to seek increase their own success. 3.

Any individual would be out their real estate.

These homes tend to individually appreciate over time and are actually not bad places to live.The places with the lot rent you have to decide if you want to be in the mobile home business and buy the park.

While I agree the rent by the room strategy can be great if you know how to manage it well, from a lending perspective, a lot of 30 year DSCR note buyers won't allow properties with individual room leases, so it could make refinancing more challenging. 

Also consider short term month-month leases on airbnb, renting individual rooms, month to month leases, just to get the cashflow energy flowing again.  

If a cash out refinance, many lenders will allow the cash out to satisfy the reserves requirement.DSCR lenders generally let you vest either individually or as an LLC.

I have a separate positive review of this individual on BP.We spent a great deal of time formulating a strategy.