Immediately, have them sign a month-to-month lease to formalize your relationship and set basic terms.

We owe the lender a hefty sum due to the short sale, and my partner should be responsible for at least as much as I have paid into the deal so far.

I can think of buyer-type: flipper, owner-occupied, STR, Buy-and-Hold LTR, rehabber, wholesaler. 

Investment Info:Small multi-family (2-4 units) buy & hold investment.Purchase price: $247,900Cash invested: $19,000Closed on my 3rd house hack in January 2024 and wow this one has been quite the property.  

We are looking to do buy and hold LTR with either SFH or Small MFH. 

But it truly does hold a lot of power and can be a great resource to get started and grow your REI journey.

Also, I'd think about the long-term potential for appreciation and the health of the neighborhood.All in all, I think it's great that you're at a position where you can seriously consider investing and wish you the best of luck either way you go!

You evict them if they are not following the terms of their lease/rental agreement.Find out what the caps are on rent increases (if there are any). 

I've thought of many different angels, but still not sure why this project was special/different or offering different terms.   

It could but I wouldn't get a bank account for holding money if they have all kinds of garbage fees like most small banks do.