Get rid of debt, build a budget, and save.

@Nicholas Bolcon it's common for there to be a difference between the tax assessor's page and the actual legal use as determined by the building department.

I have a full time job and have no other debt.

My question (I'm new to this and just trying to get creative) is lets say there is a deal here (whatever the numbers say)... is it legal for me to sign a contract to get equitable rights to the property.  

In this hypothetical situation, the person filed a false claim to hold on to this large amount of money in hopes that no one would not fight back as some people don't want to get involved with the legal system, but little do they know there is a legal team lined up like the steel curtain.  

I'm planning to turn at least one of the 1/1's into a vacation rental which should earn at least 1200/mo (very conservative estimate, probably higher).Purchase price: 295,000Down payment: 25%, $73,750Loan term: 30 yearsInterest rate: 5.375%P&I: $1238.94/moClosing costs: $2800Gross scheduled income: currently $2650/mo, I'm planning on $3000/mo minimum with STR, so $36,000/yearLess Vacancy/Repairs: 10% = $3600*Gross Operating Income: $32,400Less taxes ($4700 (high estimate)), Insurance ($900), and Water/Sewer ($1800):  $7400Net Operating Income: $25,000Less Debt Service: $14,867Before Tax Cash Flow: $10,133CAP rate: 8.47%COC: 13.24%*yes, I know that's low for Vacancy/Repairs/CapEx, thats because we do our own work and management.  

Lili here, I am a first-time investor looking for a couple different things:1)  A house hack in or near the downtown area.2) Connections to real estate agents, contractors, etc. to start building a network and deciding on a strategy for my REI (wholesaling, BRRRR, etc.)I am a recent college grad (June 2018) with no debt, around ~$20k in savings, very low expenses, and I travel a good amount, so Airbnb can be an option as well.Any and all advice and recommendations are more than welcome!

On top of what John said, you should make sure you are legally able to "kick the tenants out whenever you want."

What steps do I need to take to make it legal and safe for investors? 

I have an 880-sf free-standing garage that I can legally convert to a separate unit.