I believe the law in CT states that there needs to be legal representation for properties that are owned by a company. 

The cost of legalize these building in the neighborhood is way too high. 

I’m happy to help you through the legal side of things, such as setting up the best entity structure for your goals, and the actual real estate nuances of the law.

Be sure to work with an attorney to make sure your loan terms are legal. 

Can I ask why would it be more difficult if we are now the legal owner?

What is the zoning, if the property is zoned for single family but was converted to a duplex, you could face legal jeopardy.In sum there are plenty of legal and well built multifamily properties, I wouldn't risk it on a conversion to possibly save a few bucks in the short term.

I know the there would be lots of hidden risks (e.g. lien, legal issue, etc) when you a wholesale property from a wholesaler. 

Your issue is that you can't get a heloc.But I gotta tell you - to decrease legal density just to get a finance instrument seems incredibly short sighted. 

Creatively, but legally, mind you.

Bottom line is you can jump through hoops to insure your HOA follows the proper procedure so they can legally enact the new regulations or you can move on when your tenants lease is up.