Make sure you pull permits.

If you have a 50/50, then you use class, you'll just have to input all +/- on that class, and when it's dough dividing time, you just either pay a customer vendor or a class (you classify yourself as one class, or your equity).

Everything about that decision is local. 3) (the question you did not ask) I would guess that the bank would require that you had approved building permits in hand before they would take the risk that you would convert the retail to residential.... they might want to put you in a 5 year commercial loan, that had the cavoit that you could convert it to 100% residential, then in 5 years you get a residential loan...My unsolicited opinion: Commercial is usually a higher rate per sqft than residential rates, why spend money to change it?

Elizabeth has what I would describe as a strong rental community, but market your unit aggressively and develop a solid screening criteria to decrease turnover and the chances of eviction2) Partner with a Realtor or call the tax assessor to get the up to date taxes on the property, also note that when you make improvements to the house that require you to open permits you run the risk of a tax increase.Hope this helps reach out if you need anything

Soon after, we attempted to obtain a rental license for the property only to find out that the certificate of occupancy was invalid because the use permit stated the property was a two unit and not a three unit.

That includes pulling necessary permits and all, but that is acting as the gc.

Others have a regular contract with an addendum for the seller financing terms.You'll need to determine the local customs with an Realtor or a lawyer or both.

If the HOA will approve it and if you can get permits to build it, you should be okay...

Every day we have letters typed by us that we have our front desk associates address by hand in between phone calls & customers. 

Any buyer can walk in behind one of these frauds, make an honest offer, put down substantial consideration, and kick the unlicensed broker to the curb.From the statute:All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserve