These investment properties are being built to Indiana residential code and are approved at each stage of development by the city and city permits.

Check your local zoning codes you might not be able to get permits for a multifamily if it's zoned single family.

Timing and ease re: permits in various local jurisdictions? 

There are a limited number of permits available in each neighborhood and there is competition from hotels and push back from the community.

permits?

Worst case, I can look up zoning changes and match the address with recent sales, however, if no permits were pulled I do not know if renovations occurred further increasing the value.

I hope someone with experience can help.The property is a 3-bedroom, 1-bathroom house according to public records, but the current owner converted it into a 2-bedroom, 2-bathroom about 10 years ago without permits and updates to the records.Questions: I'm planning to use a conventional loan.

In the world of development you have money at risk to complete these and other reports, legal, zoning, permitting, environmentals, etc before you go hard on your deposit with a seller.

Permit with house /floors /no floors are all easy and typical for major rehabs.

Permitting, zoning, finance, etc.3.)