The conversion is at the cost of the homeowner, and can be mandated by the city to comply.  

(RRP and abatement are 2 different sets of laws) If you plan to live there and do the renovations, then decide to live elsewhere...........Also, and this could be key for you, in MA where I'm licensed, if the house has never been inspected (there is a database to check) the homeowner is legally allowed to renovate the property as they see fit.

@Joel Owens I have corresponded with the homeowner and have reviewed the plans and lets just say the pricing is not in line.

A NACA loan will save you thousands of dollars over the life of the loan even comapred to an FHA loan since there is no PMI.NACA has helped nearly 40,000 families become homeownes, many of them owner-occupied multi-family properties. 

For homeowners who can afford the monthly cash flow it is well worth it if they plan to stay there for than ~7 years. 

Go to the neighborhood talk to a homeowner there and ask them whats the name and contact for the HOA.

If seller financing can be done with Sub2, does the seller need get approval from the original homeowner who is now titled with loan note?

Since this will be the start of our real estate investing journey (opposed to our current residence) we wanted to know if we should look into a regular homeowners/flood insurance policy or an umbrella policy since we'll be acquiring additional rentals in the near future?

I just have NO desire to do the marketing and weeding out involved in finding the properties and then trying to figure out how to help the (desperate)  homeowner and still get a deal.Any help would be appreciated, thank you in advance!!

Hello,Suppose a homeowner is sued and his house is auctioned off in a Sheriff Sale.