Title Report - SFH or a 2 family
Hi BP,
First time posting. I am currently at contract for a 2 family. The house it set up as a two over two.
Tenants currently in place and would like to stay.
Property cash flows nicely and the rents are below market value so there is a value add play there as well.
Anyway the title report came back and the property is listed as a single family home and also is CO'd this way.
However the property was advertised as a legal two family and the town assessor is currently taxing the property as a two family.
Two separate meters as well.
Everyone involved including my attorney, agent, etc seem to not have the answers for me.
There are no rental permits on the property either which are required in this town.
Seems to be a lot of mixed information that has me considering to pull out of the deal.
Anyone have any experience with this?
Co'd as a single family
Assessor and being taxed as a two family
Two meters
Currently rented with two separate tenants
Any advice greatly appreciated.
Thank you