Doing the right thing is expensive, but it pays off in the end.Yes, this is the option I initially explored and came across this pilot program that NYC was offering specifically to help homeowners legalize basement/cellar apartments but it seems like the pilot program was not much of a success.

I'm a little nervous too because the asking price is a little high for the amount of repairs that are needed, but I'm trying not to scare the owner with a low ball offer because I'm focused on getting him to finance the deal so I can get a low interest rate or no interest at all.

Additionally, I'm on the lookout for resources and tools that can aid me in this journey.

The chances are high you will meet other house flippers that can offer insight. 

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!

The laws are still evolving, so it's helpful to have a co-host that will keep up with the latest regulations, keep you in compliance, and help you to pivot your rental offerings as needed. 

Get offers from a few of them.

**Knowledge and Resources**: We lack detailed knowledge about Multiple Owner LLCs and the intricacies of setting up a nonprofit.

I think what the bank can offer later on would be 40 years loan with 30 year amortization, one can save 200-300 per month.

@Ryan Terrio what bank is offering that low rate for an ARM on a non-warrantable condo?