I'll post more as I move forward if I don't lose this website thread. 

just typed a whole long post to have the internet fail and lose it!]

It will likely cost much less than you have to lose in this case to get 30 minutes of legal advice

I have clients that have these kinds of arrangements, and while it is easier when an org fills your units, you can lose control of maintenance and cleanliness.

The hard part is actually remaining disciplined to manage that emotion and not losing that conviction when it does get ugly.  

Losing $1,300 per month at a minimum doesn't sound amazing, but it completely depends on your financial situation. 

You are going to have to lose a little more money no matter how this situation turns out.

In addition, real estate is already tax advantaged, so you’re losing the tax advantages of owning real estate.Personally, I think real estate notes are better suited for self directed IRAs personally because you can get decent returns and notes not held in IRA is not tax advantaged. 

Have you ever heard of a Landlord being sued by a Tenant and losing property?

A couple years later, repairs, vacancy and turnover costs and you've actually lost money every month and you've decided to sell and buy in a more desirable area, but the property hasn't appreaciated, you have to fix it up to sell and incur transactional costs and you lose even more money.