THEN, since the building was now considered a "hotel", the DOB inspector wrote a $2,000 violation for having an invalid C/O, the FDNY inspector wrote us a $3,000 violation for having the improper means of egress, and a $2,000 violation for an incorrect sprinkler system.To make matters worse, if we are found to have another unit in the building with illegal occupancy, the fine is then raised to $1,000.00 per day until both tenants are evicted.

Employer cost per man hour is lower than national average, with wages lower in 16 of the 22 major occupational groups, indicating moving jobs to the area is beneficial to a company that is paying higher wages elsewhere.  

Important items to note:Need a licensed/bonded General ContractorKeep it simple use a GC - do not need to coordinate yourself and gather individual estimatesYou want to make sure they have a verifiable track record working with this productFinancial Capacity is important as you want someone who can fund and carry the project to enhance your speed and efficiency.

Scott, I think you are on track about the short term acquisition expenses and what you might think of as initial costs associated with occupancy stabilization of the property.

Often times those platform teams have a deeper knowledge of their local markets, which enhances the quality of their due diligence and the info they can supply you about individual investments. 

In a traditional sale, the seller is responsible for obtaining a certificate of occupancy from the city (most banks will not close on a mortgage without this, most attorneys would advise that you not buy a house without this).

Keep in mind even when it is listed it will first be made available to owner occupants before it will become available for investors 

It's an REO being auctioned May 16-18th.  215 pads, 59% occupancy.  

Most counties work extensively with owner occupants and it's extremely rare that you get an improved property, much less an occupied one.There is typically no mortgage or else the bank would have paid the back taxes to preserve it's collateral.But stranger things have happened...

I found that a broker I tried to work with told me the bottom line without the details all of the time.6 months occupation apparently satisfies the interested agencies (this is hearsay). 51% owner occupied fourplex?