In Atlanta, Georgia - unless you get caught doing something illegal, it's considered 'grandfathered in' and won't be a problem when buying or selling.

The house has a basement that has been built out to be, what I assume, was an illegal 2nd apt. 

Most wholesalers are not good at what they do, are unlicensed (which is illegal in most states), and lock up the property in a contract with zero risk to the wholesaler.

Sometimes I had to beg for extensions because I couldn't finish tasks on time.

., electrical, plumbing).Project Timeline:Start Date: For the portion of work they are completing.Completion Date: Set realistic deadlines for their tasks, adjusted to your overall project schedule.Liquidated Damages:Specify a daily amount to be deducted from their final payment if they fail to meet deadlines (with exceptions for factors beyond their control, like severe weather).

You won't be forced to de-convert unless you have violations...eventually the city will start fining you.Very critical terms are non-conforming (no violations - grandfathered in) vs. illegal (violations)...

Quote from @Conte Cuttino: Property is in C+ area but in a different School district that’s B-If I sale I’ll get 30k profit after 9 months.If I keep as a Long term rental I’ll have to convert the garage into a illegal 1 bed cottage at an additional cost of $35k leaving a total of $107k left in this deal after 70% refi and closing cost.

Quote from @Chris Hertig: We recently purchased a multi-family property and have someone living illegally in an uninhabitable, detached garage. 

This used to be a near-impossible task for a company like BiggerPockets, but technology and 3rd party solutions are getting better.

Quote from @Martin Streich: @Sami Gren  it is illegal to edit a contract midtermThat is not true.