Help: Last day to make up my mind on a MF property
Hey guys, I would love to get the inputs of the experts (esepcially the ones located in Boston area) regarding this issue.
I have an offer accepted on a Legal 2MF but actually has a finished attic and finished basement. Obviously it is being rented illegally and the city has found out and issued the seller 2 code violations. The property isn't sub-metered for 4 obviously and the seller is currently paying for the utilities.
My concern is whether to move forward or not. I am not sure what will happen after closing and how long would it take me to legalize it as a 3MF or 4MF. Things here in Boston can take a long time and I am looking at a process that could go anywhere from 30 days to 9 months depending on the inspector / board approves the initial application otherwise I would have to appeal.
I am getting nervous on whether to move fwd with this deal or not. I don't want to move into a black box and the seller, who is being cooperative, can do so much. I can ask him to do the initial work (file a long form, contractor submitting floor plans, filing fees, etc.) but how would I know whether it will pass or not from the first time. I am thinking of getting an architect to point out the potential issues (and maybe have the seller pay for the architect or not) or simply get out of the deal based on uncertainty and lose my inspection money (and amount of time already invested).
The numbers do work on this property pretty well as long as I am not paying for all this headache to legalize it (hence I would have to delegate the fees OR work to the seller )
Please advise on this issue