The code part is easier to copy but without the liquidity its meaningless.

Lastly, have you tried running the #s to look at long-term appreciation on a unit like this vs. a Single-family or Multi-family property?

While this may take a little more time/effort on your part, I believe it produces much better results.

Effective December 1, 2024, ownership of the property has been transferred from Michael Anderson to Electric Sage Brush, a limited liability company.All terms and conditions of this lease agreement remain in full effect, and all payments, notices, and correspondence should henceforth be directed to Electric Sage Brush LLC at the following address:2001 Space Odyssey Dr, Cody, WY 82414This change in ownership does not affect the tenant’s rights or obligations under the lease agreement.All parties sign to confirm the change.

Quote from @Rob Gallitto: Getting ready to sell a multi-family property in Northeastern, Ohio the property has two units.

What are some standard process or contracts needed before the partnership to make sure both parties are protected?

Even better if it needs some updating, and better yet if that's enough to get yourself a small multi in your market. 

But remember that what is favorable now could come unfavorable in the future as they readjust over time.Reasons many landlords avoid vouchers include the hassle of the extra inspections, the perception of a worse tenant, and maybe the inconvenience of getting rent from two different parties. 

My specialty is multi-family and I own/manage properties in the areas that would be of interest to you so I am very familiar with the market.

You can find good multi-family that cashflow under $200k for sure.