You can advise her to contact her servicer and apply for a loan modification or forebearance.

Hey Alex, you don't get to request for principle reductions via traditional loan modification submissions.

I'm seeking the following: 1) mentorship and guidance 2) best practices, policies & procedures 3) lessons learned 4) understanding liability and risk exposure 5) contractual co living lease agreement or modifications 6) co living property managers, if any exist because I have not found any.Any help would be greatly appreciated!

Hello Daniel,From a business standpoint, if the tenant wants to make any modifications, I generally ask for them to pay for it unless it brings the value up for future tenants.

This is what legitimizes the modification and allow you to market the house as a 5-br than a 4-br.

You can negotiate a loan modification to get the mortgage reperforming if you and your borrower want to avoid foreclosure. 

after I take ownership and make some small modifications to how it is managed, reclaim some wasted square footage and reduce the expenses.Is there a way to get some of that equity out to put down on a new asset purchase for the corporation such as a 4–20 unit building with a PP of say 1M or 1.5M.....What is the best way to go about growing quickly but safely?

That is, these lenders are typically less likely to agree to a forbearance or loan modification if you need one, in preference to a Deed-in-Lieu.

Once you looked at the above, what modifications will be needed to be compliant:      - Ramps?     

I would use the same consultant to later produce plans with all granular detail and modifications based on land choice, then assist in the execution of the project.Question: what professional would I seek out for a consult: architect, civil engineer, builder, developer, etc.Thank you for sharing feedback based on your experience with this type of project.