Working with town officials...especially when they find out after the fact...can be very difficult and doesnt help build long term relationships with people that could make your life hell.More importantly, I'd be worried about the personal and legal ramifications of...say a fire breaks out in a non-approved unit.

I'm hoping that I can find some help making sense of all the options.I am excited to get started and looking forward to building relationships with other like minded individuals.

When you jump into any business venture with a family member you have to realize and respect that you now have two relationships with this person(s): one as a family member you'd probably do anything for and another as a business partner acting in the best interest of the business.

Ah Crap,Just realized that this guy Montelongo did business here in Vegas, and it semi looks like I might be sticking up for him (which I'm not)So just one more time for clarity, I do not have, nor have I ever had, any interest or relationship with any guru!

That's a solid indicator that they overpriced it...which will at least give you an idea of what it isn't worth.Sounds like a very unique/historic property, which may limit your pool of potential buyers.

My hard money lender is also a licensed Realtor and was willing to do this for me when I started, but this was after I built the relationship with him and borrowed from him several times. 

Building relationships with the same people matters a lot when a deal dies and someone needs an investor who can close.

does anyone have any experience buying and selling a historic house?  

I recommend being active on the forums, listening to the podcasts and joining the local REIA's down here to start building connections and relationships with fellow investors.

You will need to build relationships with the local investors to start.