Then progress to permits and then building.You could also just do it and hope the city doesn't notice, which they probably won't.Your challenge will be getting Certificates of Compliance on the units!

Challenges?

Challenges?

The biggest challenge is time to manage a property.

Challenges?

In my experience, finding cash-flowing deals on-market can be challenging here (1% rule can be hard to find) but not impossible.

@Matthew C. this is definitely a dilema and I'm sorry to hear you're having these challenges. 

Your approach here has definitely given me a lot to think about in terms of spotting hidden value.Curious, with the deferred maintenance challenges you faced, was there anything unexpected that came up during the rehab that you’d approach differently next time?

Challenges?

This is a big challenge in the MTR space.