Buying a Legal Duplex with a extra illegal unit?

[Andreu Ferragut]

Hi guys, 

I am looking to buy my first property and yesterday this one popped up on Zillow. I would be doing a house-hack a therefore living in the efficiency (Not legal) unit and renting the 2/1 and 1/1 units. What are the pros/cons of buying a property like this? Has anybody had success? Do you recommend it as a first property? If I pay cash now, would I have problems refinancing?

The property is in a nice area of South FL and needs some work. here is the listing description to give you guys a better idea

"PRICED TO SELL. AVAILABLE DUPLEX FOR SALE. Seller converted it into a temporary triplex. Amazing opportunity to own a profitable income property. The first unit 2/1 $2600 Monthly. Second unit 1/1 is Vacant, and the efficiency is usually rented by the night. The efficiency has own private entrance, bathroom, and shower. Additionally, there's a large STORAGE 10x20ft unit in the backyard. Minutes from Wilton Manors, Fort Lauderdale Beach, and many Downtown Fort Lauderdale. Do not disturb the tenants. Property is being sold AS IS. If you are looking for that perfect handyman special. Roof is in great condition. All AC's are window units. APPRAISED AT $540K. For sale now for a steal price $470k"

[Raymond J. Rodrigues]

@Andreu Ferragut, depending on what you did prior to becoming an independent contractor, you might qualify for a one year income verification type loan. Feel free to reach out directly with any questions. I have done this before.