You'll end up in court with a lease agreement that says rent is $1, and the recommended tip is $1,999.

The operating agreement should further expound upon the relationship details between Monday and RSN.  

From Atty Tristan Pettit about the Koble case: "if a landlord has a void rental agreement (i.e., the rental agreement contains one of the “10 Deadly Sins” as set forth in Wis.

You technically CAN break it up on Schedule E; however, it is not the best thing to do for audit purposes or an actual breakdown.You should have an operating/partnership agreement together and you should have a dedicated bank account for the property.  

If there's a family member or friend in a similar situation, and you can both align on the initial plan (location, home type, price, usage/occupancy, etc) you can pretty easily get a co-ownership agreement in place and even a joint mortgage.The benefit here is it might open up your ability to buy a larger place in a nicer area which could lead to a faster rate of appreciation and overall better living environment. 

Be sure you consult your agreements with them as well to determine if there is some other action you are responsible for.You may also want to contact your insurance to find out if and when they may step in and do something.

Are there maturity extensions built into the loan agreement?  

They were super slow, had literally no idea how to read a basic purchase agreement contract, messed up on most of the paperwork, and ultimately were going to cause us to close 2-3 weeks late, with a lot of extra fees and less LTV than originally promised.

What's the process & requirements (e.g. copy of lease agreement) for getting one and would the MTR tenant need to arrive early enough on check-in day to get to the municipal building that probably closes at 4 or 5 PM?

FHA loans may allow for lower down payments if the property will be owner-occupied.Owner Financing or Creative Offers:Explore properties where sellers are open to owner financing or lease-to-own agreements.