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.  

Troy, you can only have one VA loan outstanding at a time.

You really would seem to get a bigger bang for your buck as long as the P/M steps up and does an outstanding job.

The tax claim department can tell you about the outstanding property taxes, the recorder of deeds office will be able to tell you about any mortgages.

My FICO is about 730 right now, with about 30K of outstanding student loan debt, I shouldn't have a problem getting approved for the mortgage.

3) Do you know for sure the property is Free and Clear, no outstanding code violations, no outstanding liens or open permit issues, etc.?

This way if you run into a seller that needs their money now, and it's a heck of a deal, you just buy it outright (lots of realtors around here make offers directly to the seller if they want the house for their own portfolio, including my realtor who is part owner of his company) and either keep it as part of your fleet or assign it, and if it's not a heck of a deal you throw it up on the MLS rather than being forced into trying to pawn off some crap on an unknowing investor. 

Outstanding advice @Andy Luick !  

The closing agent called me 2 weeks before closing and told me there was a superior lien outstanding for $200k from 5 years prior.

Come to find out the outstanding water bill was nearly $4,000!!!