The banks hire companies to watch over the properties and make sure they don't become a real eyesore and stack up code violations.  

Far less compliance issues, less regulations, code issues, etc. they are not the same.The only a few ways I know of to get 30+% out of a multi is to have it leased under a Section 42 project where you can have higher returns on YOUR money thanks to the funny money from the management fees and tax credits.Another way is to have a non-profit and run a half way house that is exempt from the rules all the other landlords have to play with and stick 8 or 10 residents in some slum at rents they would other wise never pay, but since they are court ordered to live there, they gladly pay higher rents.Another way is to flip an option on one, not really fair since you're not in title, but it is a return off a multi family.Another way would be to buy a discounted note on one, have to foreclose, clean it up and flip it.But, if you're talking about buying a multiat market vale and leasing it up, and just running the project, I doubt it very much.

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IIRC the Internal Revenue Code says "property held for investment".

Maybe you should do a trial run in a specific zip code or two and track the results.

Schools Crime rates Household incomeEmployment rateTypes of jobs available Types of businesses (pawn shops vs. casual dining for example) Propery codes enforced New construction in area Do you feel safe at night?

I do have other options as who to mail to (code violations,driving for dollars prospects, preforeclosures and probate) but I have a total list of 2500 absentee owners that I'm hoping I won't have to give up.

You need to look at permissible use in the zoning and any impacts you'd have under a change of use under the building code (sprinklers, additional exits).

I think to start you need to check your local zoning ordinance and make sure the property you want to convert isn't restricted in the code.

I don't think you're using the appropriate term however I don't track NV HOA codes.