Holding costs are alot on hard money loans. 

Hopefully you have a contract and can follow the terms of the contract. get an attorney, give them notice they are behind schedule and place them in default. you need to terminate them the proper way to make sure they do not come back after you for additional costs.

They didn't end up getting the property after the research because the cost wasn't worth it at the time.Call the code enforcement guy when he's in the office or actually walk into his office when you know he's there.

@Dan Powers is talking about LOT area, not necessarily unit area, so what he is saying is that in order for the LOT to have 3 units, the LOT needs to be at least 1080 sqft.

I will assume the total cost basis for the property is $500,000.  

I am researching what it will cost and looking for the right contractors for the job and trying to get estimates on the job.  

I think it's because it costs money to train them and they (mangers) think it's best to just send them out and hope they learn on their own.

Rather set $300k on fire than pour it into a condotel,  the condotel will cost you more to get out of.  

While shopping for a small multi-family building (3 or 4 units), I would like to get an inspection of the building to get an estimate of repair costs if any problems are found (foundation, roof, electrical, plumbing, heating). 

Utilities (only power paid by owner) - $120/Mo?