Sometimes we see large amount of equity in a primary residence that can be borrowed against, even in 2nd position if it has a great rate that you don't want to lose.  

I asked if the equity shared will be converted back to notes, or if that part of it was permanent (which begs the question how do we get our money back?). 

You have given the tenant many of your rights as an owner BUT only for a specific time period whereas a deed transfers rights permanently.  

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Investment Info:Single-family residence fix & flip investment.

I handle hundreds of insurance claims, resident compensation, crime, and pricing… so I am very familiar with the system and reasons behind policies. 

Reside in Charlestown WV (D.M.V.), but my existing LLCs is based in VA and IL.

The tenants are currently in court with a title dispute so the house would have to be paid for cash only.I would like to convert it to a primary residence and turn the garden level into a separate two bedroom apartment for use as an in law suite.

Cat odor is far more problematic than a small dog, but I would check landlord references to confirm how they've maintained their last residence.