But for what you get it’s not expensive either.

Protecting your income, wealth and investments requires adequately layering insurances, and it is probably worth getting an expert involved.Best of luck.

We do want to get the appropriate permit but I am thinking that will take a lot more time and additional expenses to have it all in order and we need to be able to refinance it since we are purchasing cash (we are having a hard time with a lender which we initially wanted to do a rental 30 year loan, but not sure if there will denied due to this non permitted alterations to the house). 

You can live in one UNIT or ROOM and renting out the other vacant units/rooms to offset your monthly mortgage payment.There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible.

This can be complex and requires agreement on the valuation and division.Continued Joint Ownership: In some cases, continuing to own the assets jointly and managing them through the LLC may be an option, especially if they are profitable and both parties are willing to maintain a business relationship.

This includes the expenses on your current properties.

@Randy Rodenhouse POS if not mistaken is for outside of Cleveland for areas such us the Heights, S, Euclid, etc....no POS within the Cleveland city limits but they have Lead certification requirement. 

Cash flow requires short term, mid term, or rent by the room strategies as I see it. 

The main areas usually causing problems being means of egress, fire separation for each unit, ceiling heights within each unit, sprinklers throughout all units, accessible unit and required parking. 

I know you hate losing earnest money, but imagine closing and finding a lot of expensive repairs on this house.