We just had an offer accepted on a property built in the 1950s.

I may not have spent any money but I’ve spent plenty of my time getting everything done.It’s definitely possible if you take a page out of Brandon Turner’s book and start asking “how can I” instead of accepting “I can’t.”Good luck and wish you a ton of success!

You're right, between getting pre-approved to starting the search, viewing many properties, making offers, getting offers rejected, finally getting one accepted, then having it fall through (after the inspection, for example), then going back to looking at properties, finally getting an offer to stick and taking it to closing (which could take 45 days or longer), then doing the rehab -- it could take a while! 

Seller financing is more acceptable in commercial than residential., Maybe look for a 8 unit building instead of two 4 units? 

It's more work.I don't think there are any upsides to owning rent stabilized apts so you need to buy it at an acceptable Cash Flow that pays you reasonably well for all the risk and work you will be doing to own it.It may be cheap, but is it cheap enough?

Do you mind if I ask what cash flow numbers you would find acceptable when finding a small multi family?

Also, this property is in Buena Park,CA and talking with the city I have been told they have accepted the new state laws on ADUs, but it is still a new area for them so the process is a grey area.

As such, assuming her broker is plugged into the situation and approves, you need to disclose to the seller what you are doing up-front, or most certainly at same time you submit your offer, so that the seller is fully apprised of your plan and can consider your solution before they accept.  

I believe the seller would accept a lower offer if the buyer were to convert which would actually make it a decent deal.

I did just that today and the town I called told me they are not accepting any use variances for conversions to multi family.