@Benjamin PiferHello, to my knowledge there is no restriction on this as long as the construction was performed by a licensed general contractor and followed building codes/permits. 

Can I legally place locks on the spigots?

An LLC is not a trade or business, but rather a legal entity that provides liability protection for owners of a trade or business.

Being “properly zoned” is only part of the issue....two units may have other restrictions such as different set back requirements, additional required parking, etc.

Specialty firms typically referred to as IRA facilitators and advisors perform this type of legal service.If you qualify as self-employed and have no full time employees, a Solo 401(k) is also going to provide checkbook control, and as a retirement plan has several advantages over the comparable IRA LLC.

HI Steve,You can do what James mentions, yes but keep in mind FHA has a LTV restriction at 75% on 3-4 unit properties when you have a "non occupying coborrower."

Once I am able to source a potential deal, I would work with a firm to perform the financial analysis such as creating the pro forma, underwriting financial models, partnership structuring, etc. in order to increase credibility on the financial side.Next is when I would be working with a legal team to draft the PPM (506c), Subscription Agreement, Questionnaire, and so forth.

No legal advice given. 

Is that legal?

You also need to look at the condo docs to see what restrictions you run into.How are you finding your leads and where are you looking?