The catch is that they would probably have to be out of state since multi-families (and properties in general) are pretty expensive around here and have mediocre cash-flow.

The property sounds like a great value for an owner occupant and not a steal for a traditional buy and hold investor.You might also list similar catch phrases on craigslist to spark interest.

Sorry if I gave bad info.Thanks for the catch, Dave Meyer!

I wonder if "they" will catch onto this trick someday and change the rules to prohibit it.

After reading "Catch Me If You Can", I'm paranoid.

Since you're going to live in it, it will be handled a little differently than an investor Hard Money Loan would be, but similar steps.Many will require you to have the property under contract before they'll even talk to you...catch 22.

One city will catch you every time, so we always get one.

Rents are below market by 20% and rent control limits the ability to catch up immediately - so building may still have upside, it is an easy to sell A property in an A neighborhood, very hard to replace.

You must always describe what you want to do and be sure they say "yes" or "no" to that rather than just some catch phrase.

After all, wasn't this the title company's job to catch these things and "fix" them?