An L/O, you're not in title, neither gives you consent to make repairs or improvements, obtain a building permit, be in a refinance position instead of a purchase position as the owner is.

However, if it is a revocable trust that will be okay.

"Purchaser further agrees that it will not enter into any contract for deed or lease with option to purchase agreements regarding the Property, unless Purchaser is a non-profit organization or has obtained Fannie Mae’s prior written consent."

The borrower(s) may have initially purchased the property as one of the following:a natural person;an eligible inter vivos revocable trust, when the borrower is both the individual establishing the trust and the beneficiary of the trust;an eligible land trust when the borrower is the beneficiary of the land trust; oran LLC or partnership in which the borrower(s) have an individual or joint ownership of 100%.The original purchase transaction is documented by a settlement statement, which confirms that no mortgage financing was used to obtain the subject property.

Tenant agrees not to repair their dwelling or anything belonging to Landlord without prior written consent of Landlord.

I still think the biggest issue with TICs is Unanimous Consent. 

Do you have your estate plan in place like your revocable living trust? 

Egress point is necessary from the bedroom.. so if it's a studio,, you'd need a egress window in the unit, another exit, from basement is always good option.House hack and live in basement is an option.. but legally if someone ever was renting down there and had a fire / emergency / was injured  they would OWN you.Also Extremely likely that when your building is inspected / for rental license renewal the person doing inspection is gonna want to see the basement.. only a matter of time until they figure out what's up as a additional living space and you'd be required to comply with what ever they want corrected or face fines and rental license revocation. 

Or, heck, I can rent a car for a weekend, and for that weekend it's my car, and gov't can't search it without probable cause, a warrant, or my consent.

When they started fully refunding cancelled bookings with no regard to my cancellation policy and without my consent I immediately blocked off all of the high season dates for all of our properties.