I found that the property was once 4 separate units but recently renovated and is now 2 units with a semi finished basement.Potential Problem: I closed a few weeks ago and today I visited the City to determine what I would need to make the basement a legal unit.

We are hesitant to do this due to the tax implications.

However, I first tried to see if I can find any interested party before going into all legal expenses on PPM and filings.

The land use is residential duplex on the property assessor records meaning the property is legally grandfathered as a duplex as it has two separate utility records for gas and electric historically. 

Many members are experts in their respective fields related to real estate investing, whether that is real estate brokerage, wholesaling, flipping, buy and hold, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.There are some pretty cool discounts on various products and services offered as Perks to BP members that you might want to check out: https://www.biggerpockets.com/perks/proIf you haven’t checked it out already, the Bigger Pockets blog features links to their awesome podcast and many great articles: https://www.biggerpockets.com/renewsblog/

There’s legal recourse for doing things wrong.

Just make sure that you are staying out of legal trouble with the signs :) A free and easy option is to market via Craigslist, or even BackPages too, by making ads stating that you are looking for distressed houses.Pay someone place business cards, door hangers, etc around the area you're looking.Many, many options, just be creative!

Many members are experts in their respective fields related to real estate investing, whether that is real estate brokerage, wholesaling, flipping, buy and hold, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.There are some pretty cool discounts on various products and services offered as Perks to BP members that you might want to check out: https://www.biggerpockets.com/perks/pro

I really appreciate all of your opinions.Wondering if @Chris K. or @Scott Smith have any opinions on legality or asset protection?

I have been looking around but am having trouble finding some info regarding the legal aspects of student rentals.1.