Obviously this may vary by market but we would not accept partial payments as it does make things more challenging legally if you need to evict them.

Most times when people look into it, they decide to just eat their mistake because lawyers usually want a big retainer and legal fees add up quickly with no guarantee of success. 

So I guess thats legal.  

- FYI: it's only illegal to try to rent it out, the property owner can usually legally live in a nonconforming basement unit.If you do all this you may still negatively cashflow each month, so make sure your income can cover and/or your cash reserves.If you do this successfully, you will learn more in 1-2 years than you would reading here on BP for 5+ years:)Good luck:)

Quote from @Jim Bryant: This is why it's important to understand how the legal system works before investing in an area.

I did that (posted the notice on the screen door and took pictures), however don't know if it's legally served. 

But for large multi-family, that amount hardly covers your legal fees for one transaction, let alone down payment, due diligence costs, lender fees, other closing costs, etc.

As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial intereststransferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to purchaser.If all or any part of the Property or any Interest in the Property is sold or transferred

Quote from @Frank Barletta: It is more cost-effective and practical to install a large-size TV and get the Nintendo, Super Nintendo, and Sega Mini consoles.It comes with games preloaded, legal, and each to swap in case something breaks. 

However, I’m unsure of the actual process of paying myself as a business owner.Here are some questions I’m hoping to get clarity on:How do you legally and practically pay yourself from your Airbnb income?