I do understand at a basic level that this kind of zoning allows for a two story in structure in the back. 

They will often be between 50 to 60% when roof, windows, water heaters, heating and air,etc. starts reaching end of life expectancy and has to be repaired to extend shelf life or fully replaced.Many times some brokers do a ( if buyers don't ask then don't tell ) kind of thing to get stuff closed and make their money.

As used herein, "preservation improvements" shall mean improvements made to preserve the property by properly keeping it in repair for its proper and reasonable use, having due regard for the kind and character of the property at the time of sale…My guess would be no, but I'm not sure.

I'm no expert on the matter but if you are limited on information on the property to access what kind of cash flow it can produce I would stay away.

Should we do some kind of contract or legal doc since it’s family?

Is that the kind of thing you look for?

We bought it because I knew that never again would you be able to buy a second home at that kind of discount and with extremely low interest rates.

What kind of post card design works best? 

These guys are of course total scammers trying to say you could pay the debt off quicker at 21% than at 4%.....that really is kind of funny.

There are ALL kinds of things that you can do to increase revenue stream.Hold open houses.