Risks of buying a two family home with an illegal third unit
As an agent, I am working with a buyer who is showing interest in a particular home that is a legal two family, the basement is set up as an illegal third unit. Being that the property is located in New York, what are some risks/ consequences (and possible rewards) associated with buying such a property? 
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Duplex it with the 1st floor. It won't get as much yield/rent as a unit standalone, but you'll be able to maximize it as a larger unit and still monetize without any issues so long as you note in the lease.