Take ownership of your mistake and learn to do the proper due diligence recommended above😊

Some of the red tagged items proceeded my ownership.

Land Use Codes and Building FeasibilityExample 1: Property Land Use CodesActivity Code: 4000 (Social, institutional, or infrastructure-related)Function Code: 1000 (Residence or accommodation)Ownership Code: 4200 (State government)Example: Regrid Property Example 1Example 2: Zoning DetailsZoning Code: T3Zoning Description: Sub Urban ZoneZoning Type: ResidentialZoning Subtype: Single FamilyOwnership Code: 1500 (Businesses and commercial entities)Example: Regrid Property Example 2Based on these land use and zoning codes, can I build a house on either of these parcels?

Quote from @Brendan Doherty': I’ve read in books of people getting past having to live in the property they own so they can rent all units year one of ownership(living on the property with an rv).

Another option is investing in real estate through partnerships or fractional ownership, focusing on properties that yield cash flow or appreciation potential.For long-term growth, consider diversifying into assets such as private equity, tax liens, or even certain types of real estate that offer both capital appreciation and income potential over time.

We all know those that get on BP that are LPS and now own 5000 units or Co GP with no real ownership etc.. so those are legit questions to bad OP got so defensive and did not just answer the questions. 

To establish a 50-50 ownership in both the property and future profits, you'll need a formal agreement outlining each person's contributions and rights.

You do not need separate checking accounts for each property if the ownership is the same.

If so, am I allowed to live on the property within the first 2 years of ownership?

The owner seems to want to not lose ownership of the account altogether.