Additionally, one of the units does not have a legal permit (it has been like that for 9 years).

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I know you are not giving legal advise regarding my state. 

Legal advice needs : LLC jointly owned by three partners / offer docs / county or city specific lease docs. 

With that said I always tell people that the lease is a legal contract however the tenant and landlord is going to relationship outside of that. 

We worked together over the last year and she was able to get herself out of debt and repair her credit.

After you have a few, depending on your debt preferences, either use a LOC or refinance and pull cash out to buy more, or snowball the debt and get them paid off.

If I decide to settle with the seller to void the contract we are in now, what would be a fair dollar value to settle (we prefer to settle without any legal actions)?

I inquired about legally renovating everything to make it a legal 3.  

Am I able to legally Airbnb the mother-in-law apartment in the basement?