Either way, I think your first step would be to find your lender, agent, contractor, and property manager you want to work with and get started!

@Dave Allen  I don't know if any lenders can comment, they may suggest a different type of loan but if you are half owners  I would think you would split the income but if you were living there I see why you did it the way you did.

@Mohit Arora to gain some piece of mind in this same situation, I drafted a "Holding Deposit Agreement" document that is entered between the potential tenant and I.The purpose is to use the deposit to hold the rental until the lease signing and transition this Holding Deposit to a Security Deposit once the lease is signed and all other move-in funds are collected.You can message me privately and I can send you the doc I drafted.

@Sunny Karen- thanks ...nice sounding plan ....if you havent already done so - make sure to get yourselves  formally pre approved  with a lender  using a hypothetical  scenario ... depending on the loan amt needed ( if any) - make sure the lender you talk to can handle the amount . 

There are several private companies that offer this service as a go between the landlord and tenant.

If I let the first lender start the title search am I bound to go through with the mortgage with this lender? 

Limited resale pool, and most "cash buyers" actually use hard/private money and they typically don't want to lend in 55+ communities. 

I am looking at a property such as this, but I can't seem to find a lender that will take this one. 

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

With your development idea, start the discussion with a lender since they will have ultimate control.