That's great - good luck searching for rental prospects.

I discovered that there are open permits and a lot of work that was done without a permit.

Trying to get permitting for higher density housing is a very long and costly process.

Currently building (quadruplex) is uninhabitable due mostly to a retaining wall that was built behind and never permitted.

This can ease the cost of paying for 2 housing payments during the rehab.Allow 30-60 days closing time for the loan.Most 203k consultant's pricing is for builder basic materials.Getting permits and some materials can delay the process.

Just for discussion...for those that do so, how much info do you get when calling prospective tenants previous landlords?

What's working for you as far as prospecting in other markets that also have historically low inventory?

Any suggestions on what to search, or how to search for these using Listsource.com or any other prospect lists that might be recommended? 

If the building isn't zoned as a 3 unit then just getting zoning approved along with plans and permits could eat up 15% or more of your budget. 

I also run a website for laundromat owners and prospective owners with a ton of free information and resource.