Create a Buy/Sell AgreementA buy-sell agreement, also known as a buyout agreement, is a legally binding agreement between co-owners of a business that governs the situation if a co-owner dies or is otherwise forced to leave the business or chooses to leave the business.

To transition you give your management company proper notice (spelled out in your management agreement). 

You are not running a business and you need to make 'business decisions' where you earn the maximum profit so you can eventually but more units.The very first thing you need is to have good rental agreements whether month-to-month, or an annual lease.

I received a call from my lender with unsettling news an hour ago.Apparently, since I currently live in an apartment and do not own my primary residence, the underwriter will not be able to ratify the purchase because on paper, it seems as if I am attempting to purchase the rental property as my primary residence- even though I showed documentation of my current lease agreement and two months worth of utility bills.

For example, the tenant is wanting us to pay for all utilities that the tenant is responsible per the lease agreement during the duration of the repairs. 

@Chad Duncan part of the purchase agreement between the city and the employer is also that the employee must stay on title.

@Mirla Montanez if it is in your lease agreement you should be able to enforce the fact that you can do construction.

An EAT that satisfies the requirements of a QI under the deferred exchange rules may enter into an agreement with the taxpayer to serve as the QI in a simultaneous or deferred exchange of the property.b.

That might be a way around the 'lender' and setting up an equity share agreement with your parents may help you avoid any estate misunderstanding problems with siblings down the road. 

Have you documented in your operating agreement anything about that or about how you conduct your money flow (lending)?