City, county or state regulations may all be different as you need to know which ones apply. 

I don't like to use parts of the existing one, particularly in cases where refrigerants have changed.There will be people that are able to get things done for less money, but the high efficiency and reliability that we get makes this approach work for us.

@Sean Moaref If you were going to live in one of the units there are some regulations for LA rent control that I think are quite advantageous when you plan on living in one of the units. 

I have seen some turnkey providers deal analysis sheets and noticed that some do have some questionable assumptions built in (very low/non existent vacancy and maintenance assumptions).

I would strongly recommend this list; however you have to grit and persistence to obtain it because in some cases the county or city would state that such list does not exist.

Generally our LTO homes exist in subdivisions where other builders develop and sell as speculative, meaning we are not developing the subdivision for sole use as Lease to Own. 

There once was a small grocery in the location where Heavy Riff exists today.

It is a two way street that has rules and regulations.

So Id be turning that stock into cash to invest in a safe regulated asset as soon as any vesting happened. 

@Chad Forgue If I were you, I would certainly be contacting an attorney who can better assess the current status of the property and advise on zoning regulations.