And if it turns out that I am not able to make it officially a third unit, any ideas on how to get my money's worth from the space?

Don’t share your success with losers , it’s not part of their language ..Most importantly you MUST take action .

That house is officially a rental unit in January.

Dennis:While important, usually the LOI language is not critical because it is non-binding.   

This past February with the birth of our twins and the adoption of our two girls (7 and 9) in the new few weeks I’ve decided tip toeing wasn’t going to get it done.I’ve purchased a few books, and I’ve been reading and working on understanding the real estate ‘language’.

I won't spend too much time going over what a Series LLC is because there are hundreds of threads on the topic, but I wanted to share the language that I included in the 'Supplemental Provisions/Information' section of Texas Form 204 - Certificate of Formation Limited Liability Company. 

When I've seen "NO DUE DILIGENCE" language in the past, I've understood it to mean that one should do all inspecting and evaluating before submitting a binding purchase agreement.

You do not want open language with whatever shortfall it appraises for you have to make up the cash difference.

Same exact language for a 90% ltv as for a 20% ltv.

I don't think I'm anywhere near ready to make a deal, but want to get practice analyzing deals, understanding the language, the roadblocks, the options to resolution, etc. but that's the short-version of how I ended up here.