The best part is, since you're living there you don't need to hurry up and fix every single issue.

The unfortunate part is that landlords are easy targets.

From my studies need 4 elements, Parties competent, able to contract, has to be for a legal purpose, consideration not necessary money( some say as little as a dollar for earnest money, don't know if that would hold up in court, and offer and acceptance. 

We have an epic problem of the whole neighborhood viewing the parking lot of my 34 unit as the party destination to be at.

Perhaps a nice 1950's built bungalow.Always hire a 3rd party property inspector to give you an unbiased feel for the home.

-ensure addition met proper set back requirements-pay permits, fines, and park tax.Depending on the culture of the planning department, you may not want to ask a third party what it will take.

@Jeet SanghaI’m a little late to the party but I invest in Bakersfield and used Jonathan Barnes.He’s a CPA and attorney, very knowledgeable and priced appropriately for his skill set.Hope this helps and good luck!

It seems to introduce an ambiguity that I don't think will help either party. 

I could go on regarding insurance, taxes, etc.Partnerships are extremely hard to execute well, and there is nearly always a better way to structure things to give all parties the things they want without the entanglements they don't.Just a thought...

Hey party people!