Be careful whom you pick, though: Over the last five years, virtually every sponsor has looked like a hero thanks to strong rent growth...Generating $250k with $2 mio. equity translates to 12.5% cash-on-cash return before income taxes. 

However, if you decide or need to make major alterations, change the use (like single family to duplex), or change the egress, then you'll need to get a CO.However, if you just want proof about the current legal occupancy status without getting a CO, then you can request the letter of no obligation.

As a non residential commercial property it gets depreciated over 39 years: that translates to 2.564% of the initial cost basis per year.

I am Not advising to do this, but.....if it is a very simple fix like a valve or something, and you scheduled another "inspection", for your plumber to do your own air pressure test, and found the "simple problem"......some people might say to simply fix it.....realizing of course, you are not allowed to fix/alter anything on a Fannie house before you own it.....just sayin'.

 $20K at 4% translates roughly to ~$58 per month.    

Translation, you think you have a verbal agreement."

Their addendums are their addendums and alterations or refusal does not conform to their policy5.

On the the granite vs tile, upgrading to granite counter tops does necessarily translate into more value.

Also be wary that some building that may currently exist are non conforming and once torn down or altered must be made to conform.

If that happens, forget it.In my case, it was called a Residential Alteration.