Check out the neighborhood, and have the property inspected.

Have used Picture Perfect Inspections many times successfully

Can someone give insight on how the 3rd floor could be made into storage so that it will pass inspection as a 4 family?

Your codes dept can help with the permits and requirements (insulation, drywall, doors, closets, wiring, window size and heights, including if you need a licensed contractor, professional drawings, the inspections, etc).Keep in mind, if the tenant doesn't have the required number of dependents to get a 4 bdr voucher, adding a bdrm will just cost you money up front and on taxes, but not get you more from the S8 office.

Recent experience I had pulling permits in the city of Cleveland:  Work done, call for inspection get date/two hour window.  

If 15 years, no matter how new, assume the buyer and his inspection will want it addressed.

Inspection is basically fine.

Dear BP Community,I am a long term investor and I am working with contractors/managers who offer to assist me in purchasing a property by inspecting it prior to the purchase.

I thought I had done my due diligence with inspection and contractors, etc.

I would like to get opinions for any of you experts on home inspections.