Will continue to hit this least at least 5-6 more times but any input is appreciated. 

If you don't have to spend any money to get the cash-flow I believe it's better to just be patient and wait on the rehab.On your particular deal , hard to know without more specifics but if you assume 50% operating expenses, they are asking a 4.6% cap which seems really high for an older, partially rehabbed property.

At minimum, an LLC with a basic operating agreement needs to be in place along with lease terms defined + mutually agreed upon up-front.  

We would then live in one unit, use two units to pay the debt service and operating expenses, and the fourth unit goes to the lender/investor to pay off their position.

I am not sure if it's wise to continue renting out at all considering my family situation, unsure as to whether the income is worth the potential hassle. 

Hopefully market continues to rise while paying down principle with tenants money.I would appreciate any ideas or insight anyone has from seasoned investors. 

Hi Lisa, I've been operating in Huntersville for 10 years now.

I own and operate around the Bay Area, and lived on the Eastlake side of Lake Merritt for a while. 

All things being equal, my parents would prefer that the encroachment agreement continues with the new buyers.My question is: is this encroachment agreement only valid with the current owner?

But I do not operate as an LLC, this is a decision which cuts against the prevail opinion of many.