I had a similar situation and simply rewrote new and separate leases and deposits for each tenant.

As Michael said, it depends on if you got to the level of a trade or business when it comes to lending.Some important things that will determine this are1) The amount of loans you are originating on an annual basis2) What your intent is when forming this partnership3) The value of the loans you are originating compared4) etcBest of luck

@Daniel Vroman Rusteen I think there's just a general misunderstanding of the value an agent or local expert brings to the deal that you either do not wish to see or simply don't find value in it. 

Regardless a consultation or meeting with a tax professional will provide a TON of value and information but if you're 6 - 12 months out from determining if you'll make these big moves then it might be a bit early.

First you need to determine the property's value.

Who in my city should I contact to determine if I can legally convert my property into transitional housing?

It is just simply better to not rent to multiple people unless it is student housing.

This analysis will actually help you determine how much cash you need for your first deal which will guide your decision for a well paying facilities job.  

So, if the rent AND this bill are not paid the balance is "unpaid rent" and you simply evict for nonpayment of rent which is cookie-cutter. 

Standard term lease for minimum required by HOA (usually 6 or 12 months) with a separate agreement that lease can be determined by tenant after certain amount of time.