After all, you have no evidence they agreed to pay rent or any of the other terms.

I’m looking to access some of the equity in the home to buy out my ex-partner, and my goal is to either convert the house into a multifamily property or add a dwelling unit (ADU).I’d love to hear any advice from the community on the best way to approach this, particularly in terms of financing options, legal considerations, or any similar projects you've completed.

Personally If you like your current residence and hope to stay there long term I would forgo major improvements on my primary and use all investment savings to make you more money and cash flow. 

It comes down to how each county handles property tax valuation.To put it in generic terms - a title company & lender will base your initial mortgage payment on the property taxes of the previous owner.  

Sometimes the long term capital gains are palatable and it may make sense for you to pay the tax rather than force a bad deal.

The high end rental properties can be a different animal than your run of the mill $2,500 month rental both in terms of upkeep and demand.

Hi BP community,I'm going through a landlord's worst nightmare now, long story short, I have a fully furnished rental property in Florida, previously an AirBnB converted to long term rental. 

Hi @Nicholas L. and @Chris Seveney a few weeks after my post, they did a part 2 for the survey and 2 days ago, the Zoning Dept. emailed out an update for the proposed policies.Here's their message:"We want to keep you informed and share a preview of the proposed Short-Term Residential Rental Ordinance regulations and express our gratitude for your invaluable feedback and participation in Phase I and Phase II of the Alexandria Short-Term Residential Rental Study.

As a investment property lender we saw a lot of success with flips but an even bigger jump in BRRRR success with borrowers holding as long term and short term rentals. 

The owner should look at it more like a DSCR, and should be pricing the property and offering terms such that the income from the property is adequate to pay back the loan.