Lastly if you are working with an agent, make sure they are sending your offer correctly, very organized with your terms spelled out to the right email of the listing agent.

If it's already under contract then it should be spelled out in your PSA. 

You will want some type of entity that you both own and can sell your shares in if you decide to leave or buy the other one out.The agreement will have all the terms and exits spelled out. 

What was confusing to me was that the language specifically spells out you can’t lend to an LLC you owns a >50% of.

@Andrew Spell Thank you for all the information!

This could spell disaster for undercapitalized SFR and small MFH borrowers.Many simply won't be able to do it, and as a result, a wave of foreclosures is on the horizon. 

Do you spell the 2nd mortgage out in the sale contract, or is it controlled in a separate contract?

Those two documents spell out a lot of what will need to be done in the future of the Association. 

Everything I do is a system, and Tenants recognize I'm not fooling around like most Landlords would.Rent due on 1stLate fee charged at 12:01AM on 5thServe 3-day Pay Or Quit on 11thFile in court after the 3-Day expires and get court day in 7-14 daysWin the caseTenant is out in 48 hoursThis process is spelled out in writing from the very beginning.

The Bylaws and Declaration of the Association spell out the boundaries of the unit (studs vs painted surface), what is considered part of the unit vs association (internal walls, cabinets, internal electrical, heating, & Plumbing).