You have to know the blocks, you have to have outstanding processes for vetting tenants, the right sort of help and a tough skin.  

I also have an outstanding CPA.

I was there for several years, so I'm very familiar with the area.Don't get too wrapped up in having an outstanding business plan.

However, the seller is still obligated on the old debt and is an outstanding loan.

I do own some older homes(1910-1920)They are student housing and cash flow outstanding so I couldn't let them go.

That will happen if the balance of the outstanding mortgages and other liens exceeds the value of the property. 

The name on that book was OUTSTANDING!!

A owns house #1 worth $260K that has a $230K mortgage outstanding.

Keep the deposit to offset the outstanding rent.

Given these disclosures directly in the ICX listing, I would guess a) the property has been on the market for some time {and will continue to be on the market for more time} and b) someone else has looked at the property and, based on their findings, the Vendor had to disclose the non-permitted renovations.In analysing this property, I would do the following:1) until there is a written assurance from the City that the current operating licence can be amended to reflect the actual use of the property, I would evaluate the property with the revenue from only the 8 licensed units.2) get in writing from the City inspectors what work-orders are outstanding on the property and/or what work they will require to be completed when the property changes hands;3) find out how many days the property has been on the market and how much interest there has been  to-date.