The house needs a rehab, including bathrooms, floors, paint, kitchen, and AC unit—all need to be updated as everything is original.

When you get the 2 pm call that the kitchen sink drain is leaking and you are filling a cavity in someone's molar, you can't exactly get up and leave to take care of the sink. 

I bought a house in Marietta that had a full finished basement, but no kitchen. 

Additionally, you might want to install a fence with a self-locking gate and make sure all pool equipment is up to code.

., outdoor areas, parking, kitchen facilities).

Incumbent tenant catches kitchen on fire. 

The kitchen has upgraded quartz counters, SS appliances, and they updated the bathroom as well.

Most important thing: IF the city has no “records” of the inlaw (no NOV on it, no mention in rent board records), AND it’s not occupied, then the best thing to do is demo the kitchen right away!

Market the unit as having a kitchen + wet bar (eg, selling the not-a-kitchen in the not-a-unit as a feature) and being some sort of "luxury penthouse apartment" or something.

Working with a CPA ensures you are fully prepared and equipped to take advantage of the latest updates.