But if you are working with no margin for error and something goes wrong, you're in rolaids city and all the progress you made on your plan (and maybe even more) is suddenly at risk. 

Best thing to do is to go into the city planning department and talk to them.

If one or both of the buildings burn down, will the city let you rebuild both buildings, or will you be limited in what you can put on there?

The below link is from the city of Birmingham.

Lenders also have a lot of other things they'll consider like:-Property Location -Local Economy/Population Trends (Figure you want at least 25k people or be nearby a city of over 100k)-Zoning - Building must be properly zoned for the amount of units it has-Experience (you have enough experience to qualify for a multifamily investment)The truth is there is no one size fits all answer because every lender has their own guidelines which is where a broker comes in handy. 

Congrats and thanks for teaching me a little about my own city. 

Mmmm...hmmm.I even contacted City Hall to get a definition on if a 4-track was property we could just seize or if it was considered a vehicle. 

You'll also want to check with City zoning to see if there are any other things that must be done to the property before leasing to a commercial tenant (think ADA, etc.). 

Also need a sump pump installed.Also need a good roofer.Please send contacts asap for JERSEY CITY area

Here's the problem, I'm looking to buy(upstate NY)  on owner financing and re-sell using owner financing,  A New York City Lawyer told me that I can't do that, I must first buy it outright, then I can sell It on owner financing can't have two mtg's on a property, Is that a New York or National law?