Seems like a silly thing to do, right?

In our suburb markets of the Twin Cities, we seem to have hit a slow patch.

Multi-Family with NO Certificate of OccupancyI have discovered I am in a deal to purchase a houseand units with seemingly NO Certificate of Occupancy from the City.It appears these are supposed to be applied for by the original contractor,however the city has NO record.These units have been renting since 1951,does anyone have experience in this area ?

The 1st floor condo is currently utilized as a commercial office space and the layout is set-up without a full bath, proper kitchen, etc, but just right for a smaller office.The other 2 units are regular condos for families.I'm trying to figure out what option I am better off with:Option 1: Leaving the first floor unit condo as a commercial space, renovating it and trying to find an office to occupy it.orOption 2: Invest in doing a full kitchen and a full bath to make it a proper Tenant rental.Option 1 seems like it will be more economical but there is a risk it will take longer to find an office to rent the space vs a tenant, and the loss I take on finding that commercial renter may offset what it would cost to re-do the whole unit by investing in a full bath, kitchen, etc.I'm also wondering whether I'm better off having all 3 units be tenant-rental condos if it makes it easier to sell down the road or should I just consider keeping 1st unit as a commercial space and take the chance?

You seem fairly happy with your career and risk averse so nothing wrong with your plan.

It seems some of these buyers are paying for the privilege of flipping a house.

I owned some bungelows in California... whew... glad that's over, but Texas seems more reasonable.  

Seems like all the HML listed on BiggerPockets that says they lend in Georgia are only willing to lend in the Metro Atlanta area only!

A lot of people in this market swear that it's still going to get higher, while a few financial "experts" seem to think that "winter is coming" (a correction).Besides the regular investment strategies (which I'm starting to implement soon), I really have the bug to put that FHA to work and get started (this would be my 2nd property, first is already a rental in Austin), I just think I'm missing something and I'd like your opinions. 

@Chris Tracy that seems like sound advice!