@Edwin Epperson That graphic is perfect and exactly what I was looking for.

I could use some advice on how to incorporate a bathroom and possibly a shower to this.

She has a graphic design/branding business but also uses the space to teach artistic workshops and classes.

Before I even allow them to view the property I will already have done a pre screen on them, I will incorporate some of the articles suggestions into the pre screen.

There have already been a few good definitions and points, but I wanted to add some more context.Most of these terms at one point in time had a very specific meaning usually related to how the active investor who would be responsible for executing the investment, or guaranteeing a loan, or sponsoring a securities offering, etc is described in a legal document or legal term related to how an entity is incorporated and structured.

The LLC can be incorporated post closing for most properties - I would recommend checking with your lender on when the property can be moved to an LLC.Thanks,-Megan

I’m a REI in the Asheboro, NC area with a background in Graphic Design.

These forms (link below) are for specific states but you can browse them to see if there is language you might like to incorporate into your forms (such as the mold and mildew addendum) - though relying on local experts is the best method. 

Its recommended that you have a strong partnership document detailing the arrangement but also work with your lender on the best way to incorporate your structure with financing.Thanks,-Megan

On the commercial side, rate increases should be incorporated into underwriting models so I am less concerned there.