Weird configurations don't rent or sell well. 

For this asset, we are re-configuring a 4BR1BA unit to an easier to lease and higher rent generating 3BR2BA unit.

but as you point out that doesnt mean this is a legal configuration.

Metrics and spreadsheets don't fix bad tenants, not knowing local ordinances for landlords, not understanding the configuration of neighborhoods.

This could be done by adding on to the home, by re-configuring the interior, or both.I am only aware of the ADU laws allowing for one additional unit to the main home. 

.- Doing a complete inspection of one building usually takes 3 - 5 hours depending on the configuration even if you just spent 1 hour per building which is a kick the tires kind of cursory look would equate to 10+ hours to include the common spaces When you're talking about commercial deals there is a lot more than just I didn't like the color, it doesn't have crown molding, and the roof showed signs of significant wear. 

Maybe those can be converted to some usable space, or even another room or unit, depending on the configuration and time/money you have to put into it. 

The center is usually configured in a straight line as a strip, or may be laid out in an L or U shape, depending on the site and design.Typical Type of Anchors: Discount store, supermarket, drug, large-specialty discount (toys, books, electronics, home improvement/furnishings or sporting goods, etc.)Trade Area Size: 3-6 milesProperty Type: Neighborhood CenterConcept: Convenience oriented.Typical Type of Anchors: Supermarkets like Giant Eagle or KrogerTrade Area Size: 3 milesProperty Type: Strip/ConvenienceConcept: Attached row of stores or service outlets managed as a coherent retail entity, with on-site parking usually located in front of the stores.

Yes, be cautious, but do not let that hold you back from fully investigating whether you can get better results for your tax-sheltered retirement plan by opting for a configuration that gives you the opportunity to truly diversify.

The building was actually converted from usage as a 4 Family, which is it's LEGAL usage via it's Certificate of Occupancy and it's current configuration as a 3 Family.I went down to the basement to confirm that there were 4 Gas Meters and 5 Electric meters.