Is it on the bottom of the agreement?

@Mayuresh DeorukhkarThe operating agreement states the trust owns the LLC and I as the trustee manage the LLC.We provided the bank with updated operating agreementWe did not need to do anything elseNote this is not legal advice and everyone should review with their counsel

However, large volume wholesale companies of which I'm aware tend to have non-compete agreements that you must sign, which would "prevent" you from going into business for yourself (or with a competitor) for some period of time and/or within the same territory.

You need a good lease agreement, landlord forms library, educational material, and landlord attorney to guide you. 

We have come close to filing eviction many times.We do have a clause in our rental agreement that helps protect us from short timers, if it is legal in your state:After additional deductions for cleaning and repairs necessary to restore the premises to its original condition (less allowance for reasonable wear and tear), along with deductions for any rent due (including rent loss during periods of restoration), late fee, caused inspection/eviction, utility, notice, legal and any breach of contract costs, the balance of the security fee shall be refunded pro rata as follows: 10% of the remaining balance for up to one month of occupancy; 20% for two months, 30% for 3 months, 40% for 4 months, 50% for 5 months, …and so forth until 100% for 10 months or more of occupancy; 

Form an LLC:Purpose: Establish a separate LLC for the rental portion of the unit.Ownership: Lease the rental space to the LLC, which will handle all rental income and expenses.Lease Agreement:Internal Lease: Create a lease agreement between myself (as the homeowner) and my LLC (as the tenant renting the rental space).

While I'm not quite ready to jump into partnership agreements, I'm interested enough to explore how a partnership deal might work in the future.

You haven't signed any agreement with the lender until closing.  

There is no lease agreement, he is month to month and has been there for 40 years.

The owner buys or sells the property with us when the time comes (verbal agreement only), 3.