The goal is to reduce living expenses while paying down some of your mortgage liability and learning how to be a landlord. 2.

You could structure a joint venture agreement but make sure you lay out the following: - Purpose of the Venture- Contributions- Ownership and Profit Sharing- Decision-Making- Management- Duration and Termination- Liability and Risk Allocation

I personally would put the property into an LLC as part of an overall plan to protect my liability.

I'm also in need of a CPA/tax advisor to advise on what's the best structure from a liability protection and tax planning standpoint.Thanks for your input.

Check with a RE attorney, but I've always heard that if it was existing it is grandfathered in - as far as the Code is concerned - Liability I'm not sure. probably not.....

The past couple years, this tenant has taken liberties with some things around the property that have created a safety hazard for others in the building and a liability for us as the owners.

Let's look at two actions that can help reduce any potential liability:1. 

ABSOLUTELY USE A REALTOR- even with commissions, they will get you top dollar, will protect you from liability using all of the latest and greatest forms and contracts, will make sure that you get 'some' dule diligence or earnest money if the buyer backs out- the list goes on and on.

There's also potentially some liability protections you can have in place by having the work done by the GC rather than you as individuals (discussion for your legal team). 

You should also get liability insurance.