I am sitting down with the bank to discuss a restructuring/sales plan I have put together.How can we get rid of Partner #2?

Right now I'm looking into restructuring the deal to stay within the bounds of usury law.

Either can restructure to your preference between the two options for closing costs.The difference in value propositions here is a big part of why I left the direct lender world for the wholesale broker world.

She said they were trying to work out a mortgage restructure as they owe $400,000 and the current comps on her street are $115,000 to $130,000.

From there then I'd be curious how I could restructure.

You & your parents are just restructuring the LLC. 

Restructure the parking spaces, assign a number closest to them. 

Going forward, maybe you'd want to restructure your lease with the specifics of things that require your permission prior.A way to further capitalize, would be to get quotes to 'reset' any change proposals by the tenant and have them pay a premium for the option.

This property would need extensive rehab and even some architectural work, as an additional room would need to be constructed either by utilizing the "doormer" method in the attic or restructuring the main floor by knocking down walls.The third property walkthrough was at an active gut rehab fix/flip deal that Dhru and Aaron are involved with.  

Any chance you can lose/restructure $150/mo or so in debt payments?