Backstory - we have an apartment complex that had a $339k loss on paper last year (I'm a 40% partner).

Take this example and remove the LLC as a part of this conversation for simplicity.

You will pay them and everything will then fall apart.

Well, apart from “if you give me $3000.”Luckily this is a co-living model through PadSplit so I have some income coming in.

In terms of the illegal 1 bed cottage... so this isn't uncommon in my neck of the woods (NYC) in terms of something similar (basement apartments, garage apartments, etc.) 

You were a part of helping making a dream a reality for them.

The only exception is for on-site managers, like you'd find living in one unit of an apartment building and managing the building on behalf of the owner.

We are fighting for laws in NYS so that owners of MHP will have to abide by the CPI to increase rents (as apartment owners have to do in NYS) and not by fair market values.

I am under contract for a 3 family home w a very unique set up. 2- 1 bedroom apartments and 3 and 4th duplex which has 5 bedrooms but only 1 bathroom this home is 8 min from Brown University in RI and 10 min from Johnson Wales. (6miles)Do u think its close enough to attract college students especially the duplex? 

Plus I recently got a brand new calculator, wanted to see what out of state investors though the most important aspects of deciding between to similar rates cap rates in 2 varied size apartment.