You're speaking my language ; ) We've been buying and renovating properties that have ADU potential for quite a few years now and about a year and a half ago converted one of those ADUs to an MTR and it is working out great.

While your success is remarkable, it's essential to acknowledge that the path you've navigated with such skill and perhaps a touch of luck isn't universally replicable.

I have a fully executed version of the lease with both of our signatures, so the basement language is enforceable in my opinion. 

I have several rental homes in University City and Maryland Heights.

And the ones that are having to make emergency capital calls now (and are in trouble) are almost universally the ones that were structured non-converatively.

Maybe you should adopt a softer language and avoid appartement rental vocabulary,  but not give up on background check and deposit. 

I pointed out the language in the policy and the carrier rep still said it would be covered but would not put that in writing so the tenant had to find a different carrier.

There was a very informative discussion here on EIUL recently: http://www.biggerpockets.com/forums/51/topics/68664-eiuls---equity-indexed-universal-life-insurance

You see, we lived in a great market that offered ample opportunity1) There are three major universities/colleges within a 5 -mile radius.

A LOT of distrress is leading to mergers and firings, in just the last few weeks, this happened: (Big credit to @NewsLambert)Lower to acquire Universal Lending retail and wholesale operations (11/1/23)Trustar Mortgage acquired by Archer Mortgage, LLC (11/1/23)People’s Bank of Commerce to exit residential mortgage lending (10/27/23)BMO Bank cutting 228 jobs in Northern California (10/25/23)Homestar Financial to wind down operations (10/25/23)City National Bank layoffs in Los Angeles total 71 (10/23/23)Hometown Lenders layoffs (10/12/23)First Savings Bank to lay off 135 mortgage workers (10/4/23)Wesley Mortgage absorbs competitor Colten Mortgage (10/4/23)Cenlar to lay off 85 in Ewing, NJ (10/2/23)Rithm Capital to acquire Computershare Mortgage Services Inc. (10/2/23)Wells Fargo cut 525 jobs in South Carolina (9/28/23)Better Mortgage lays off additional employees (9/22/23)The Graystone Company has acquired Direct Mortgage (9/13/23)Flyhomes to purchase certain assets of Home Sale Assured (9/13/23)Divvy Homes to cut 95 jobs in San Francisco (9/11/23)Farmers-Merchants Bank to sell three branches to focus on core mortgage business (9/11/23)It goes on…..The mortgage industry is in a starkly deep recession.And RIP refinances, unless you are holding an even higher interest rate loan (like a construction/bridge loan or hard money, or perhaps you just fixed your credit.