You can both put that in writing and sign it, but it will never stand up in court because it's not legal to just give kids away and it's an unreasonable penalty. 

Thankfully the IL supreme court would shoot this down if it somehow passed in any part of the state. 

any prior blog or metrics on how the trends appear for Multifamily units to be converted for STR purposes would be helpful. 

Thanks don't believe courts are taking  on evictions right now in MA so I will tell her about finding a collection agency. 

If it doesn't say, then it is ultimately a court who sorts it out if there's a conflict, but I wouldn't expect most courts to side with a landlord who just decides they want to use the backyard themselves for bonfires or storing their junk. 

I started purchasing multifamily rental properties when I was 23 in Columbus, Ohio and it appears to have turned out well.

In regards to signing a waiver (I am not a lawyer), I believe that unless you have a lawyer create the legal document, the waiver does not hold up in court.  

It appears by far my best option would be to use my equity to purchase more real estate which is what I'm going to do when I find another deal

Please advise if this is worth going to small claims court or just pay the fee for carpets, around $800.

While some states have better protections for LLCs than others, when it comes to real estate courts only want to recognize local protections.