I know that you are looking for an attorney, but they are not cheap and usually ask for a $5-10K retainer up front. 

It is currently being rented out, the existing mortgage on the property is as a primary resident.

>We are targeting a CF of $400-600.I do not want to be discouraging, but the reality is at your rent to cost ratio you are very unlikely to be able to hit that cash flow without being very active in the management and maintenance of the property.I suggest you learn why the 50% rule exists.

Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

I'm hoping to buy an investment property (duplex or triplex) with owner financing and wondering what if any options exist to find a loan to cover part of the down payment?

He says that there are low money down lending opportunities that exist for people who intend to live on the property as their primary residence.

The STRs are tough with the Airbnb regulations ever changing, but if you find a pocket that allows them (and those exist for sure; we follow those laws closely), then you can do really well. 

Most leases will contain something like this:If Lessee fails to pay Rent, or otherwise Defaults under this Lease, Lessor may use, apply or retain all or any portion of said Security Deposit for the payment of any amount due Lessor or to reimburse or compensate Lessor for any liability, expense, loss or damage which Lessor may suffer or incur by reason thereof.I would not expect to give it back in this case, because essentially they have broken the agreement, but again it depends on the language of the lease you've had them signed whether they are "entitled" to it or not.

If you use private money it's very easy to add the partner to a new or existing LLC via an operating agreement.  

I'd love to spring board off of our existing property to build our family's future and [hopefully] with the bonus of not being dependent on art for the majority of my income and subsequently fall back in love with making art again!