Unless you want you're partner's wife or parents to be your next business partner I'd suggest the buy-sell be done and incorporated in your Operating Agreement.So, yes, it sounds like in your case you need to see an attorney!  

There are several ways to advertise and get physical people to apply.  

If he were good with the situation, I wouldn't know about it or be posting here. ..He is, unfortunately, after multiple mental and physical health challenges, quite emotionally vulnerable. 

We like the physical nature of it, the steady streams of monthly cash flow, that it can provide a service to the community, and with investment it can help to improve the quality of life in the local community as well.

Did some additional research and it does look like lenders want us physically there for 12 months...Guess that will have to be in the back pocket for when I purchase a house for myself.

Things that I have already considered are PROS• Compare to City of Portland, City of Forest Grove is much developer friendly in term of building new apartment• There will be less hidden physical issues compare to buying an existing property. • No existing tenant issue you need to deal with up front • You create an opportunity yourself VS praying for the right deal to show up every nite• Higher rentCONS• Zero income during the construction which would be about 9 months and another 3 - 6 months to fill the vacancy• I need to pay out of pocket to cover the interest during the development• Anything could happen during the construction phase...find an oil well 6 ft under during excavation• I have enough knowledge to operate an apartment business but never build an apartment before Let me know if I missed anything.

Just to explain why I think that I can increase the rents, it's because I plan to to incorporate an oversized 2-car garage that is behind the studio into the second unit.  

For instance, if I think the house is worth $80k and the mortgage being foreclosed on was taken out 2 years ago for $100k I just stop my analysis there because there is no equity and the lender will buy it back for more than it's worth. 95% of the foreclosed properties in my area still fall into that category so I can quickly narrow down the list.From there I do a physical drive-by.

  Hi @François Gauthier-Drouin, it's really hard to tell something like this from a photo, and also really risky for you to take too much advice from someone like myself who can't actually physically look at the issue; so take what I say as an educated guess, nothing more. 

Moving FWD I will hire more things out because I agree, it's not worth my time (although I do enjoy the physical labor/design/etc of the project).