@Krishna Chava the requirement is that doors to the exterior need peepholes or other means of allowing the occupant to see who is at the door. 

No, you can’t use an owner occupant loan to buy an investment property.

NOT LEGAL OPINION - But think is correct interpretation.If you use FHA as lender, means you are Owner / Occupant, and FHA (I think) has a policy of NOT going after Owner Occupants for Loan Deficiencies. 

Now, sometimes the GLA on public record is erroneous, in which case the appraiser will have to reconcile their measurements with what has been recorded but usually there is a explanation for the difference.Along with the overall square footage there should also be a certificate of occupancy on file which will describe the legal use of the property.

I would rent month to month with a written and signed set of rules for occupancy.

And I strongly suspect that Tenant Alpha ALREADY let his brothers move in a few months ago, without first getting our permission and approval of the new occupants, which may be why they stopped paying rent at the other place.CURRENT QUESTIONS AND CONSIDERATIONS: This house will remain a long-term rental buy-and-hold, and since there are a lot of things that make these tenants undesirable to most landlords and lenders, I believe they likely won’t be able to find anyone else willing to sell or rent them a place … which means they’ll likely stick around long-term and pay timely.

They have a right to occupancy with the old lease, you just happen to be the new owner. 

I would also find out if Lincoln Park requires certification of occupancy as a rental.

This gives the occupants 3 days to move out.

Pros: Property is sitting on 5 Acres out of which 4 acres of land is still uncapped.With rehab property can be placed on long term leases With current expenses which property is an all bills paid and using 50% rule I am still under the figures at 100% occupancy.