The City of San Jose has on their website that new addresses are required but separate meters are optional (link below).https://snapadu.com/blog/electric-panels-upgrades-power-sources-adu/https://cao-94612.s3.amazonaws.com/documents/City-of-Oakland.PGE-Joint-Information-Bulletin-METERS-FINAL.pdfhttps://www.sanjoseca.gov/business/development-services-permit-center/accessory-dwelling-units-adus/adu-faqs

They should have the policy documents from many of the new home loans they have done.

Hey Horacio, if you are shopping terms, most DSCR lenders will not pull credit until you submit a full application.

Once you have that letter you can use an LLC formation document template to create the LLC and register it with the corporations division of your state or jurisdiction.  

Our counterparty has an attorney, who I believe would draft up the promissory note and personal guarantee documentation.

She seems like she may be in it for the long run, though, so keep documenting everything you can. 

You'll want to understand what kind or notices and documents you need to get executed to either up their rent or turn the unit.Solid long term tenants are worth their weight in gold in my book so if theres a way to up the rent and keep them happy I's say thats the best route personally.

Over this time we have submitted 3 cash offers on homes.

When you buy the property, you are also buying the lease that is in place and the rights/responsibilities that go along with it, so it is important to understand what that document says.

And are they legally allow to do so without any signed document from the seller or at least hire them to do title work?