Jessica - Instead of focusing on the checking account I would focus on a bank that you would like to work with for loans, lines of credit, and other long-term borrowing needs.

At the end of the day, as long as you have the zoning you just need to go talk to your city planning/building department and tell them what you want to do.

So my question is, how long does that member have to be there until you can resort back to a regular tenant?

Are you looking for a long term management team?

If that’s the case, I might bring on an investor for a long term ROI deal.

Here are some additional activities that count, toward real estate professional and material participation hours.Research market for real estate transaction opportunities; current office market rates; terms of financingMaking offer contracts for properties that you end up buyingNegotiation for acquisition of rental properties that you end up purchasing; including directing due diligence and managing financial projections/business plansObtaining financing for properties that you purchaseProperty inspectionsAdvertisingMeeting with Prospective Tenants/showing properties to prospective tenantsNegotiate, obtain, & review proposals and contracts with vendors (insurance, utilities, etc) for property servicesReview and Negotiate The Terms of Sale AgreementsStaging and Decorating3rd party contractor, vendor, or service provider supervision

Through a quick google search I came across the term "Transfer on Death" (TOD).

The other option would be to see if you give them a long escrow to get out of the house.

I saw an opportunity to buy because properties were remaining on the market for a long time. 

Those same restrictions can have positive long term investment trends by creating a higher barrier to entry for new investors, and theoretically greater return or demand for those that are operating.