Multifamily House Hack

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Just found a nice Multifamily that I’m interested in buying to live in and rent out as well. It’s a legal 2 family but there’s a third unit I would like to convert to another rental unit. I’m thinking I have to call the town to see what I need to do to make unit legal? Or can I rent it since it’s all set up (kitchen, bath etc.) and hope for the best? ;) The property is in NY so I am still in process of looking up rules and legalities. Wanted to see what kind of info I could get here as well. Also since I’ll be house hacking how do I accurately run a rental property analysis ?  Thanks 

CALL THE TOWN!  Do you really want to be that guy renting an illegal unit?  The fines and fees associated with that situation.  What about the poor tenant you may have to displace.

As the commercial use to say:  You can pay me now or pay me (much more) later!

You could rent it like it is but that comes with risk. Call the city and verify it's legal before jumping in.

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