@Nick S. it sounds like this property isn't close enough for you to self-manage.

I know it may sound as a BIAS from my side but I think this should NOT be legal to put covenant, see my logic here a builder build a whole community and one part of it is rentals the rest is single family, they put covenants and restrict the market to rent by room just to ensure they can rent their rentals that is a sort of monopolistic behavior and should not be legal.

That sounds like a strategy that some of the YouTube gurus are teaching to wannabe investors with no money or experience and that is going to end up with a lot of deals going sideways as these buyers will probably fail because overpaying is obviously a bad strategy to begin with. 

OK sounds good Felicia!

That sounds pretty straightforward and we've got something similar here too and it's not bad. 

Doesn't sound like any of this has been provided.

And keep in mind that the rate on the 2nd lien will likely be 10-12% so depending on the cash flow it might not actually yield that much cash to you at closingMore importantly, it's just more debt so ultimately it sounds like you need an income-producing event to actually improve your situation and avoid some of the consequences that you mentioned

Sounds like you have a solid agent for checking on that

To me it sounds like everyone is gone and boyfriend wants confirmation he isn't going to owe anything.

Identify the market you want to invest in (it sounds like you've already done this)2.