Friend of a friend with a portfolio of 30+ homes was contacted by them to basically sell his portfolio to them in exchange for shares. that would be a HUGE non starter for me..

The downtown area is seeing particular focus, with plans for more pedestrian-friendly spaces and tech-enabled public areas.

Many hoa's have restrictions / limits to non-owner occupants allowed in a community / building.

This will allow for you to pursue legal action "eviction" if ever needed for non payment or negligence as a tenant. if you rent out the basement separately but it is not a legal unit, the court will not allow you to pursue an eviction.

Some states laws say for non-owner occupied property, the vendor doesn't need a written contract.That said, in the absence of a written agreement if the lien is to be based upon the reasonable value of services provided, that $9k estimate seems like a good starting point.

Typically we see a non refundable deposit and extension fees to keep the property tied up.

Hi Lue, You meet the requirement, you would be what's called a non-occupant co-borrower.

@Kevin S.Great question legacy planning is hard enough with family dynamics, add in illiquid and non divisible property for another layer of fun!  

I’m going to lend  to a few people I know with LLC ‘s  on some mortgages and receive interest , I am not putting myself out to public lending just some commercial loans as LLC single member pass through  , do I have to pay local taxes in Florida , I have no brick and mortar , no employees , just LLC in Florida and live in Texas , there is no work involved I just receive interest .

The non-permitted unit is causing some troubles in getting this deal to move forward.