What is written in your lease that your tenant signed is Pretty well the rules. 

I have just created my LLC a last week.

This essentially means that, during renovations, he has the opportunity to bring himself all the way up to 50/50 partners with me, or close to it.What does not sit right is that I have created this whole opportunity and would like to feel compensated by retaining significant value in the project rather than opening the doors for losing 50% of my investment when I am certainly able to do it on my own.

I have been looking in various cities in Upstate, New York and have noticed a recurring theme: Cities have very strict zoning rules and regulations for students.I have noticed many landlords do not necessarily follow these rules or regulations, or the rules themselves are pretty wishy washy and sometimes unclear. 

But when estimating deals I just use 5% for buying and 10% when selling as my rule of thumb.  

Specific Business License: If I create an LLC specifically for the property management side of things, can I obtain a specific business license for this?

You could refuse to sign and create problems for him. 

Here in Anchorage the assembly just changed the rules so that ADUs of up to 1200sf can be built on lots with ANY zoning.

I have started doing my research and yes there are so many rules if it's not your primary residence that it's driving me nuts!

Surprised to find out that my area qualifies for a USADA loan -- a lot of benefits it almost seems too good to be true. 100 % financing and in Turner's book he said that it was an option -- but unsure if you can rent other rooms in a single family house (didn't get the impression you couldnt in Turner's book) but the USADA site says you cant rent out a rooms under a USADA loan "right away" -- whats the legal rule?