What they said^^^^No obtaining a permit for a structure that will be a habitable dwelling is just plain stupid... sorry - nothing personal.

Assume the property is well located with average appreciation ...Selling some properties of mine and just curious what the average investor buyer is thinking ...Thanks guys I wouldn't personally recommend deliberately buying a property you believe will be negative cash flow.

personally I want to add 1 bed and 1 full bath and make a large, finished gym. but should I add another bedroom and have no gym?

I use it for my personal portfolio as well.

I do want to separate my business and home expenses, but even if I had a business CC, I'd still have to pay it off with my personal money because its going to be awhile before I'm making income.

I wouldn't be selling in this market personally, so if you don't sell the SFR and you really want to do this, a DSCR cash out refinance on the triplex, or a hard money 2nd is your only option to get the liquidity needed to make this move.

Tenant suffers damage due to flood for failure by landlord to inform him that the property is in 100-year floodplainA 100-year floodplain refers to any area of the land designated as a flood hazard with 1% or greater chance of flooding each year by the Federal Emergency Management Agency.

There is much debate about that but ideally you’ll talk to an experienced agent who can advise based upon experience as compared to an experienced insurance sales person who can sell. 

I understand that working with professionals decreases the likeliehood of this happening (and this person is a corporate America professional) but thought I'd get some insight from this very well versed community!

You can define the roles of each person inside of the partnership agreement without necessarily using the terms General & Limited Partner.