An inspection was done back in March by the township (while Fannie Mae owned the property) and there's a number of code violations including the fact it's not zoned to be a triplex in the township. 

See FAQ below.http://www.state.nj.us/dca/divisions/codes/offices/bhi_faq.html

Here's a quick run down...My father purchased a ranch property back in the last boom.Purchased for about 1.5 Million.It's a horse property and one of the borders had an issue with us and to get back at us sent out Building and Safety.We come to find out that the property was purchased with the idea that all 2000 + Sq ft of residence was legal, we come to find out only 900 + Sq ft is legal, not even the pool is legal.They want us to bring everything up to code and draw up new plans reflecting such.Our realtor says we have a great case and can sue the previous owner, what can happen in this case has anyone ever experienced something like this?

I have the cash reserves to replace the whole thing (thankfully) but I'm curious to know what others think.Additional background, I have to replace another AC unit on my primary residence this year also so I'd like to be in a position to quote two units and get a discount.  

There were six HOAs that showed up on the website but now I'm thinking the search must have been for the zip code and not the city.  

If there is a junior lien you can purchase it and then you have the right to buy out the note holder as well.When you say local, do you mean same zip code local or same state local?

My thought was to allow a discount of $x/month as long as the tenant has insurance, with rent minus x being the true rent I want.

However, they're sometimes weary of an investor just looking to hang their license for the discount and will ask upfront that you commit a certain amount of hours a week (that's up to your local hiring team).As an associate agent you wouldn't be taking the transactions across the finish line yourself, including your own, but you WOULD save more money as Redfin gives a big discount to their associate agents for their personal transactions above and beyond normal customers get, but there is a limit (~2 a year I believe).I LOVE LOVE LOVE Redfin, but from my experience it's not a place to just hang a license - they'll be wanting to hire and train someone who be at least part-time. 

You'll never find it unless you know what "it" is.What most people do is to define either trying to buy equity at a discount or cash flow at a discount. 

I think the auction process like Williams & Williams, Auction.com etc has been a way for banks to try to get their properties the most exposure and on the open market instead of dumping blocks of them to investors for a large discount.