It's a messy niche, working with some investors buying duplexes, some buying portfolios of duplexes, and others looking for small MF 12-24 units.

It seems these inevitably run into problems as the investment projections are not met, loses begin to pile up, SEC compliance issues are ignored, and numerous legal actions are instituted against the sponsor.   

With the LLC my mom just “does business as” my LLC because I trusted her but I also got her to do that because the legal age in Alabama (where i’m from) is 19.

i am not lawyer no legal advice but if he has overstayed it makes it easier, he is not under lease as if lease end date.

Of course I keep entities separate in all legal and financial aspects. 

During Buyer's title search, it was identified that there is no Certificate of Occupancy (CofO) for the home confirming it is a legal 2 family. 

There are a ton of resources here on the forum so I would read up.Next you want to make sure STRs are legal in your area.

@Carl TrubLots of legal and tax implications - you should look at having them put the home in a living trust.I am not an attorney but there are ways to make it so your cost basis is today's value versus a lower value such as if you buy it at a low cost.

They have legal counsel already so I know they have had some guidance already which is why it’s empty.Thanks, appreciate any thoughts.

I also reduced a lot of the soft expenses (office, accounting/legal).