When you go to sell, Montvale requires a certificate of occupancy so this issue has to be resolved in advance of a sale.Although I am not a lender, I assume you will not be approved for an owner-occupied mortgage on 5-units if it is a legal 4-unit without some type of mortgage fraud whether in reported rents, units, or another legal document or representation (very very large issue from a legal perspective with multiple arrests in the last year for anyone playing fast and loose).As far as the DCA, I would recommend coordinating your work with the city with the DCA.

What types of property are you looking at for your first investment? 

Baselane can help you get your finances more organized and is great for all rental types, including by the room.

What made you interested in investing in this type of deal?

What types of strategies are you interested in?

This is the same type of personality to gaslight you when you don't agree with their view on a deal or something goes awry, gatekeep you from information and deals, and become a resistance force in actually becoming a REI. 

Equity stripping, or equity skimming, is a type of real estate fraud scheme.

With Google, Yelp, Facebook reviews as well as what is on their site and what type of content they are posting on their social media pages....

There is an exemption for a “crowdfunding” type of retail offering, with limits on how much of their net assets an investor can contribute.  

What type of tenant can you deal with, what type of neighborhood, SF or MF, etc. etc.