The only issue I have with this theory is that the returns %.

Issues with the property at closing: low water pressure, aging roof, several lights not working, dated interior, water stain under HVAC unit, damaged decking (burn hole & rotting boards), old appliances, holes in drywallAnticipated cost to renovate:  $22500 (includes roof, repiping from old galvanized pipes, renovation of currently empty unit)  The currently occupied unit is TBD on cost, the tenant has been in place for the past 3 years.   

If you are carrying a high note and this is indeed your only investment I do not think there is an issue keeping this in your name. 

Not only will they not reduce it but increase it with Non payment for added legal fees.

If you want to increase the number of bedrooms, you may have to increase the size of your septic to meet legal compliance.One of the first properties I helped a buyer purchase, the seller was trying to sell it as a 4 bedroom, but the septic was rated for a 3 bedroom.

I am currently selling a legal 2-family on a double lot in East Rockaway.

Would appreciate input on this ....Is it legal, and under what conditions?   

Is that legal? 

He already has his in another property so the seller would have to forgo his entitlement to make is assumable.The real issue with assumable loans right now is the down payment. 

I’m attentive to issues quickly and make quality fixes and updates.