The house probably also has delinquent taxes etc on it as well.

Also, during those 2-3 years you may have to bear to obtain possession, the borrower will probably ignore court orders to pay insurance and property taxes, leaving you out of pocket for those costs.  

Could use some guidance on how to divide the business, taxes, and payouts.

Hi Mandeep,The 100 sq. ft. of exclusive landlord space could be utilized in a Business Use of Home deduction on your personal tax return, accounting for 10% of your home expenses.

The purpose of course, is to save for retirement in either a deferred or tax free account. 

Look up local ordinances, laws, taxes, and insurance.

Consult with your lawyer on how to protect your property and navigate the situation.Remember, it's okay to ask for help, and seeking legal advice will provide you with the best steps moving forward.

As to your primary residence exemption, if you don't live there and you claim primary residence exemption that would be tax fraud.

That will provide you with confidence knowing there are no taxes owned or unpaid liens.I have worked with Lucia Rushton in DFW multiple times who can great agent and it is well worth using her to avoid painful mistakes! 

A 50 unit building has one property tax bill and one insurance bill.