Some HOAs put restrictions on the number of rentals in a given community (such as 30% of the community can be rentals while the other 70% must be owner occupied), and once that limit is reached, the HOA won’t allow another rental.  

If I were you, I would contact an estate lawyer, or have the siblings contact one, to legally see what the other 4 siblings options are.

I know its not legal.. but I self insure myself in that regard. some say its recession proof and some say not.. my banker says not.. he says when economy gets tough they just won't spend 200 bucks a month to store their stuff they either up and leave it or move it somewhere else.. so that's two opinions.my units were quite unique one they were A class and two right across the street from 300 floating homes and all my tenants save a very few had house boats.. so I kind of had a captive audicance and once I got it converted to mainly all houses boats..

That seems unlikely, but what do I know.Buyer's intent is to purchase property, convert entire building to living space (which, according to deed restrictions, just means insulated and conditioned space), and then refinance in 6 (conventional) or 12 (FHA) months to pay off owner-financed note.

@Matt SearsGo to the tax & legal forum - you can meet a number of experts there, as well as ask your questions.

What legal steps do I have to take to form a partnership in terms of financing.

Alexander, Yes a great RE lawyer is over PDX legal solutions, tell Henry Rau that I sent you his way.

If there are a lot of tenants searching for rentals that allow pets, it is best to cater to them with whatever limitations seem fair (pet age, breed restrictions, size, etc). 

Anybody have a lawyer approved, legal verbage, legit whole sale contract theyd be willing to share? 

Legalities?