I suspect that unpaid late fees will also not be enough to trigger eviction but you will want to check.I have found that starting the process on the 5th day of the month for late rent is essential - they may pay late again but getting formal letters to pay or quit might straighten her out.

There were no formal terms or expectations - it was just "here's the money, don't be dumb".

.+ Formalities can be taken care of very easily, they are using the online system called DocuSign and you can sign everything online.

There are two different issues at play - the titling and ownership of everything is more of a legal liability issue.It is possible to still have a tax partnership just with execution of a JV agreement, even if there is no formal LLC in place. 

We are planning on getting one more estimate not a formal one yet but a rough one from another trusted contractor.I put this information in a Google sheet and that is where I got the profit number. https://docs.google.com/spreadsheets/d/1HpdX8GG4tDZVtfVykfs6...

Keep conversation formal and in writing as much as you can.

Most lenders will do a hard credit pull before presenting a formalized term sheet, but that is after a property is under contract and your offer is accepted/you submit a full application and send in a credit authorization. 20% down with no STR experience is pretty normal on the market, but you will likely be using a haircut AirDNA projection instead of the full 100% to qualify you. 

You must send a formal notice informing the tenants that AB 1482 does not apply before sending out a rent increase notice.

A few suggestions:Get a Job, Borrow from Parents/relatives, Get a partner for the deal, or (trigger warning: not PC)  renounce US citizenship, cross the border illegally, and get all the government money you need.  

I understand that there won't be any cashflow but the loan paydown and appreciation over time hopefully offsets not having cashflow.Legal and Financial Advice:Do you have any recommendations for legal or financial considerations we should take into account when formalizing this co-ownership agreement?