Legal Matters: Two - Three Family??
Hello all,
i am currently looking at a sweet... and I mean sweet two family that has three apartments. (it's a three story with the top two floors that are 'meant' to be an owners duplex but..) - now my question it... in how likely is it for feds or whoever to come after a small time property owner such as myself?
And are there precautions I need to take?
ie:
-like only having two gas meters *if anyone even cares (would the electric company even care?)
- getting tenants that will not go to the building department??
I mean, I've rented tons of illegal apartments and the thought never crossed my mind -- I think I may just be paranoid right now.. any thoughts? Advice?[ Edited by dtaylor on Date 04/21/2004 ]
Well the good news is you don't need to worry abou the feds, only your local building and zoning department. How long has the two flat been rented as a three? Is there actually that much bonus to renting the big unit as two smaller units? If they caught you and made you do so how much could you rent the one big unit for?