i.e. the property does not sit on an official parcel and have it's own address even though the address has been on the side of the building since 1964.  

Also if owning property there are numerous little things that need to be purchased that going through normal channels is at the very least awkward.

The first step is to go into the office of the construction official, and see what if anything has been permited, inspected, and what special requirements they might impose for getting the work done.There is a good chance as @Ron Drake stated that the work done is not compliant, failed inspection, or is somehow defective.

"Wholesaling" is in no way any sort of official term. 

I think it should be considered the official cost basis and usable on this property I mean heck the Gumit said so......

BiggerPocketsPodCastWholesaling101 You Tube ChannelKent Clothier – You Tube Memphs Invest channel

Always rent to the support people around students, such as teachers, secretaries, school/city officials.

I have fallowed the BiggerPockets channel on youtube for a LONG while now and took the plunge to get further involved. 

BiggerPocketsPodCastWholesaling101 You Tube ChannelKent Clothier – You Tube Memphs Invest channel

BiggerPocketsPodCastWholesaling101 You Tube ChannelKent Clothier – You Tube Memphs Invest channel