Quote from @Henry T.: Sorry to say so after the fact, but you need to learn some landlording basics.Never give the keys to anyone without a proper signed lease. 

Most municipalities have different mix-use categories which dictate the precise commercial use that's allowed.A few additional observations on mix-use assets and how I approach them (1) they are generally more difficult to finance than multi-family assets so expect lower leverage terms even if the property performs just as well if not better than a multi-family property and therefore price this into your acquisition (2) I focus on mix-use assets where at least 80% of the income is generated through the residential component.

I would expect start-up costs such as stocking linens/bedding, upgrading certain furnishing and amenities, and pass-through costs for listing on the OTAs (like VRBO, Airbnb). 

What are our options and what should we expect if we structure our llc prior to looking into lending options?

Hopefully you’ve increased rents and your above expectations. 

Here is my current set up:1) ShowMojo for managing the self showing listings (It has some self showing anti-fraud services, syncs with smart lockbox to issues codes, etc etc)2) CodeBox Jr smart lockbox where I have the keys3) ReoLink Go Plus Cellular Camera with a $5 per month T mobile data only sim card.

I imagine there may be steps to take with the city upfront to determine if in fact the ground on the lot can be built on, but some general guidance or tips on best place to start and what to expect throughout the new construction process in Buffalo.

@Alex ThomsenThe standard NC contract (2-T) has two different deposit options.

The listing agent has already done all the work to streamline the sale on their end, set expectations and control the process.Anyone who has ever worked for 4 months on a FSBO and then the seller decided they are not going to sell after all, knows what I am talking about.

Big note is that you need to have ComEd involved, so expect to have it permitted out.