Hi guys, my name is herby and I just closed on my first deal for house hacking on a 4plex. 1 of the tenants is out of contract and is on a month to month and that’s the unit I plan to move into.

I am new newbie and would love some opinions and advice, was looking at a new construction home near a major interstate close to downtown.

The Buyer agrees to use commercially reasonable efforts to secure such financing within [Number] days following the execution of the PSA.Closing DateThe closing of the transaction (the "Closing") shall occur on or before [Proposed Closing Date], or such other date as may be mutually agreed upon by the parties in writing, subject to the satisfaction of all conditions precedent set forth in the PSA.Condition of TitleThe Seller shall convey to the Buyer good and marketable fee simple title to the Property by warranty deed, free and clear of all liens, encumbrances, leases, tenancies, easements, restrictions, and other exceptions to title, except as may be expressly approved by the Buyer in writing.Property DocumentationThe Seller shall deliver to the Buyer, within [Number] days of the execution of the PSA, all documents and information relating to the Property in the Seller's possession or control, including but not limited to, title reports, surveys, environmental reports, leases, service contracts, permits, and warranties.Non-Binding NatureThis LOI is intended solely as an expression of the mutual intent of the parties with respect to the proposed transaction and does not constitute a binding agreement, except with respect to Section 9 below.

However, you'll need funds to close your side, then turn around and close again. 

I plan on investing with some partners, mostly close friends and family.

They are currently in stage 3 of the development and are offering 10k incentives Builder and 2% Seller(towards buying down the interest or closing cost), home comes with warranty and appliances. 

If this is one of your properties in the recently burned areas meaning somewhat close to Sacramento I would call Gary Link he is a true Eviction Machine.

If I understand your question correctly, the answer is that it can't be done once the contract is executed and the transaction closed.

What are the best practices for legally converting a portion of a home into a duplex?

They are closing the gap, and usually offer bill pay, online transfers, mobile deposits, and the other things you would expect.I do highly suggest Amex for business credit cards.