A well-drafted master lease should clearly outline the terms of the arrangement, including the duration of the lease, the amount of rent to be paid, and any other obligations or responsibilities of the investor.It's important to carefully review and negotiate the terms of the master lease to ensure that your rights and interests are protected.

Those that have/foregon buyers/developers buy in the city and those that can afford it buy in the out lining area. 

The "note" is the paperwork that outlines the terms of repayment...interest rate, amount borrowed, term of loan, monthly payment, and when it is due to be paid in full.  

@Edgar Gascon i think it would really depend on what the mngt agreement states or outlines.

The lease didn't outline details, so I want to be mindful of how things are worded.

If I actually knew you I would give you a 2 hour outline of my best methods to grab an easy deal, set you on your way, and tell you to call me if you ever needed me. 

There's no need to go in front of the ZBA for a variance. http://www.phila.gov/li/Pages/Zoning.aspxYou may already be grandfathered in, check the Zoning Archive to see if one of the previous owners filed a use registration permit outlining use as a two family:http://www.phila.gov/zoningarchive/

This is very common in the CRE world (usually using Limited Partnerships), and Single Asset Entities or Single Purpose Entities (you'll see SAE or SPE thrown around a lot) are the only way to insulate your deals from each other.Depending on what type of deals you do (flips or buy/hold/rent) you may be able to have the actual dollars flow through the operating company, just creating a paper P&L for the asset level entity.Again, I'm not an attorney, but have seen this done in the CRE world, and its the rough outline I follow for my investments.

Well in the situation you have outlined, the most important relationship you can build is with the tenants.

I've been a buy and hold investor for several years and, knock on wood, I've never experienced anything like you outlined.