@Michael Haas  out of curiosity what does it usually take to legalize an existing unit  (lets say it was basically well constructed basement ADU,  but built a decade or more ago without any permits/etc I don't have any such situation so just a hypothetical question,   though I do have some extra storerooms at one of my properties that would be best converted to a studio unit ; but when I investigated this with the local municipality they basically wanted me to upgrade the entire building to current code standards in order to be able to finish out that space as a 5th unit.   

The military makes sure it's members follow their legal and financial obligations, so by getting the problem solved by their leadership, I am avoiding having to go to the courthouse, accruing any legal fees, etc etc.Allan  

I keep deposits in separate accounts and refund that plus the accrued interest less any damages.It's not hard to list a property for rent at 150% more than market rent. 

Out of curiosity, where are you finding lenders who will loan $30K on a house?

They say confession is good for the soul so here goes.....my CPA suggested that I could qualify as a 'real estate professional' and take advantage of the very favorable IRS tax treatment which accrue to investors with that designation.

During the last year I eliminated most debt that's accruing interest except a car loan. 

As rent comes in, he keeps it invested in bonds until he has accrued enough to buy another home.

When we (my atty and I) noted we own it but its a land contract the jurisdiction noted they do not recognize land contracts even if recorded and whoever is on title is responsible and needs to fix it or accrue fines of $500/day. 

Just out of curiosity, if you do sell it, is there a reason you'd have to short sale it? 

Out of curiosity, what was your source for finding the 4-plex for sale?