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.

The more challenging stipulation is you would need to use it more than 50% of the time for business use (and you need to log the miles to document that).  

Be currently employed and be able to provide 3 most recent months of past paystubs or other income documentation. 3.

They made it sound like it was something easy to comply with, but if anyone who is a beneficial owner has their ID expire or they move, you have 30 days to re-submit the paperwork.  

It couldn't hurt to call a couple attorneys right away to see what they say in terms of cost and suggestions for dealing with this quickly.In terms of mitigating any legal issues with your tenant be sure you are documenting every conversation you have had with the HOA in terms of asking them to make the necessary repairs.

The fact that their documentation is not clear and they are in a hurry to move is a big red flag.

Your goals will define the route you take on this but building a list for buyers/investors is a time-intensive activity and the list is a living and breathing document.

Steve,thanks for the comments and the reference to the IRS documentation to clear up this matter for me!

That probably in most cases for me, will result in a delay between the time you call and the time we can prepare that document, get it to you to review and sign, and then schedule a showing. 

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?