As long as the mtgs were drafted/recorded correctly it is valid and enforceable. 

@Bruce Woodruff They have a 4 year of clean track record, so I’m hoping.

I dont even need to go into the value add business plan side of things as experienced sponsors' track record speaks for itself but as a banker, hope my comment sheds light on cheap debt is an important part of the overall strategy. 

With rates being at record lows, I would go with the 30 year mortgage to lock that rate in.

. - Build an online brand (Company name, logo, website, company email, etc)- Connect with someone who has experience and has closed multiple deals so you can leverage their track record when reaching out to brokers. 

In short it is basically offering the tenant some money to move instead of fighting and getting an eviction on his record. 

Using a promissory note (which spells out the terms) and a deed of trust which should be recorded with the county recorder's office (which is your debt instrument which liens the title of the property for the amount owed) is the best way to construct this deal you have with your family member.

@Austin Fogt $2/address is very expensive, but it depends on how easy it is to access public records in your area.

A negative cash flow, especially if you are living in one unit, could very well be expected.According to county records, it is a two family, not a three family. 

Here are some interesting recent stories from the D.C. real estate world and beyond.DC Council Takes First Vote on Ward RedistrictingApartment rent and occupancy set new records in NovemberNew apartments in Southwest Washington to share space with a churchKeep up with issues specific to the region with @Russell Brazil and Jack Seidens' DC Real Estate Podcast and the latest sales trends with @Cassidy Burns ' DMV Weekly Market Update.