You also wouldn't want to create a cloud on the title, so doubling down and working with a legal professional/attorney would be best advised. 

•Monitor the competition closely and adjust pricing accordingly to stay competitive.4.

An LLC is useful for two things: anonymity and legal protection.

This attorney should handle creation of your PPM and state filing requirements, but they do not handle the PSA or closing. 

Legal Structure – Would this be structured as a leaseback or seller financing with safeguards?

If you haven’t done so already, consider protecting these assets under a legal structure, such as an LLC or trust, to ensure they are secure.

They're also happy to commit to whatever your closing date is and blow right through it.

House hacking in Chicago can be a game-changer—letting you live for free (or close to it) while building wealth through real estate.

One didn't make your list.1) I see people all the time raising money for real estate deals but they call it a partnership either because they are ignorant of the law or they are trying to avoid paying for all the legal work. 

Quote from @Robert B Azimi: A restaurant that’s doing great business feels he shouldn’t pay the rent on time for the last 4 months every month we had to post 3 day notice to pay  rent or quit on his front door for him to deign to pay his rent What legal action we could take to make him understand he is not the landlord we are he must pay his rent on time?