So, yes the rights granted in that deed should remain for that period of time unless you agree to a change even if the property is sold during that time. 

Quote from @Crawford Peay: Hey just wanted to jump on here and introduce myself My name is Crawford Peay, I am located in Memphis TNI help investors buy and sell properties along with managing their portfolios in Memphis and the surronding area!  

And my rental cash flow went from only $1500/month to 19k/month profit by taking on more loans and harvesting the equity in some of my properties including my primary.

Another thing to add is the regulations, HOAs and Cities are imposing a lot of regulation on short-term rentals or rent by a room, I have seen some HOAs regulate the amount of people authorized to rent the property too.It requires to do a lot of due dilligence to begin with mainly in such big house. 

I get what they are trying to do here, preserve 2-4 unit properties and discourage deconverting to SFH. 

I am owner occupying this unit so I didn't know if there was a problem with putting property in LLC.

Are you looking to "house hack", which is living in the property (or 1 of the units) for at least a year and then moving out and renting the unit?

I would make improvements to the property only when doing so would cost less than the value added to the property.

Hi Nancy, I have sold property for clients in Carrollton.  

I immediately recognized that the listing agent/property manager had the current rent well below market & the asking price massively wrong.