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If your Operating Agreement doesnt specify anything regarding those options, then its left to negotiation, assuming both of you are an LLC member and the property Title/Deed is to the LLC.Note : I am not a lawyer, am just a bored forum surfer trying to have a conversation.

I paid $35k to have the electrical meters split up on a commercial condo conversion I did one time.

To structure seller financing, it is always best to begin with a conversation to uncover the seller's goals.  

Conversely, if your market is strong then the offer might have to be more aggressive.  

I would highly recommend the book Lifeonaire and having regular conversations with your husband about how your values are being furthered by your total approach in life. 

I used a FHA 203k loan to owner occupy a single family conversion, and rehab, to a duplex.

But there could always be circumstances where a hold period of less than (or more than) that would be appropriate.The conversion process is nothing more complicated than changing where that property is reported on your tax return. 

One of the best things you can do is find a good property manager in the area and take them out to lunch or ask to have a phone conversation.