It's not unethical if you don't have an exclusive arrangement. 

In my eyes with this type of set up make sure that all parties understand that this is a "business arrangement" and not "a family adventure" other wise people will get upset and feelings will be hurt, and we all know how the family gathering will go after people start getting their feelings hurt.Good luck and I hope all goes well.

Quote from @Dagan Flowers: Redeveloped a mobile home park into duplexes.

I'll assume that you have buyers that you know and are working with to find the kinds of properties they want.For the most part, my buy and hold buyers are okay with this sort of arrangement, but my flippers who need a quick turn around would not be.

There may be a cash for keys arrangement you could work out to accelerate a win-win with the tenants. 

I would use the equity money i got to place a down payment on (This might solve your living arrangement issue) a duplex or tri plex.

I believe it was episode 560 where the guest mentions things such as arrangements, and briefly discusses some amendments he does to the standard leasing agreement:Hope this helps, happy investing!

Completing the cash-out arrangement as far in advance of the sale, and if possible, prior to the execution of the contract of sale for the Relinquished Property, is highly desirable.Liquidate partnership and distribute tenancy-in-common interests: Another possible solution is to liquidate the partnership prior to the exchange and distribute to each partner a tenancy-in-common interest in the Relinquished Property.

Close to two acres, right on the river and the most incredible variety of plants, flowers and trees that we had seen at any of the properties we looked at.

Close to two acres, right on the river and the most incredible variety of plants, flowers and trees that we had seen at any of the properties we looked at.