In Illinois, when an agent does that, there are functions normally expected of the realtor that they are legally prohibited from doing.

Quote from @Michael Smythe: @Sean Gallagher legally you are correct, but many tenants do NOT know this.We take over properties all the time and close 80% of existing tenants sign a lease with us.True! 

This second defeat at the ballot seemingly left WIP with few options, and it was looking like they way overpaid for this land that in it's current legal state could only be used as a golf course or park. 

I understand this is not a requirement, but I have never received a damaged unit from an inherited tenant or any legal issues.

You can also find various contracts online, develop your own then have an attorney review it to ensure it has teeth, and is legal in your area.7.

I have done extensive research in the risks, how to structure such deals to mitigate those risks as effectively as possible, and legal considerations of each strategy. 

@Tim Holt Come February, it's legal to create an ADU by-right on any single family property in the entire state.

And as far as legal—an attorney becomes essential once you're ready to finalize terms with either an HML or private lender to make sure everything’s secure.Hope this helps!

Well, what would be happening is that your buyer would be buying your house subject to the existing note, since you can't legally sell the property without paying off that note or transferring the debt to the new buyer.

Most are fine with that, but a few will have problems with it and claim there are legal issues, etc..