Are there any specific clauses I should include in a room-by-room lease for a shared living space?

., through a Tenant-in-Common (TIC) agreement), as partnership interests are specifically excluded from 1031 exchanges under IRC 1031(a)(2)(D).

I’ve never had this specific issue but mistakes like this are pretty common. 

I will preface this with the fact that I have a legal background, specifically with estate planning and asset protection.

Yes, they are getting higher than market rent for that specific Neighborhood, but they also have a hard time finding a S8 tenant that wants to move into and stay in that Neighborhood.

Selling your share at fair market value could avoid gift tax but may trigger capital gains tax for you based on the sale price and your cost basis.In California, the transfer may also trigger a property tax reassessment under Proposition 13 unless a specific exemption applies.

However, I agree with you that I will never again work with that specific attorney again.

Zillow is not ideal because this is a monthly furnished rental - which Zillow doesn't have a specific platform for - but that's what has worked for me up to now. 

While podcasts, books, seminars, and websites offer general knowledge, you'll buy a specific property in a specific location, subject to local rules and regulations.

Here are a few additional strategies that might help mitigate risk if you decide to rent the property:Hire a Strong Property Management Company: While you’ve already spoken with some PMs, consider finding one with extensive experience managing single-family rentals in Cook County specifically.