I am looking at some possible facilities to buy but was curious what is the best form of financing my first project.

For those familiar with Michigan laws, is there a maximum of 6 residents for such homes or does the cap apply to licensed facilities only? 

You can also search self-storage facilities and borrow a copy of their storage agreement, or parts of it.

Even if you create an LLC after the fact and state that each party has 50% interest unless there's a filing with Cook County, your partner's interest are not really protected.

@Joe WhiteBy Philadelphia zoning you can have a group of people living together and using housekeeping facilities in common, “but not to include more than three persons unrelated by blood, marriage or adoption"So by the city ordinance you should not rent to more that 3 unrelated people aka 3 rooms. 

I change the locks right after previous tenant moves out or at the time of the eviction as instructed by the Sherriff in my area.1 - completed & signed rental application2 - all supporting documents have been submitted by the prospective tenant - copies of the following-photo id, proof of income, social security cards for anyone over 18 who will be occupying the property3 - Deposit received - at least security deposit with default noticeThe documents I have prepared upon move in- balance of funds required to get keys and sign the lease- rental package revised and completed for prospective tenant & myself to review together & sign which included lease, deposit receipt, tenant behavioral policy, move out instructions, notice to all tenants -that is a form I created which advises the tenants on grass cutting , possible liens/notices/fines from the city, what not to flush or put into the sinks (feminine products, cooking oil -used or unused), pet addendum if applicable

The way we do it is to fund the construction and then simply refinance it out into a DSCR or other facility when the CO is received.

It’s a bedroom and bathroom legally added onto the back of the garage, but was permitted as a “game/craft room” not a bedroom and there’s no kitchen facilities or even a permanent closet (though we could install one).

Aloha,Access to laundry facilities, absolutely.

@Paul Moore Thanks for the reply, I've got Brian's book on my ereader and also Sean Cook's book.