They have given a standard and this is not a legal matter it is a functionality for the house that tenants look for in the property.

Make sure any lender requirements—cash management, carve-outs, reserve controls—still let you function as co-owners.

The BiggerPockets community is filled with people who can share valuable insights and past experiences.I'd also recommend using the search function to find people and topics of interest here on BP.All the best to you!

If you still like the deal with those conservative numbers, then any extra function from the converted room is just a bonus for tenants or end buyers.

It does not to the listings and some other functionality you mentioned, but I don't know of other great software for banking paired with accounting and one and free-to-tenants rent collection.

Quote from @Geeta Bihari: Cash flow will be a function of how much money you put down/amount of leverage you use. 

Definitely an upgrade over a spreadsheet - the data visualizations are nice, and no manual entry (although a bit of manual editing).  

All are perfectly functional now, but could pull higher rent with replacing the flooring, and updating the kitchen.My current financing setup for this deal would be $235,000 from the HELOC I already have secured.

I always focus on exit mechanics: rights of first refusal that actually function on a timeline, an appraisal method everyone accepts in advance, and a pre-agreed path to sell or buy out without torching value.

Make it easy for them to move through, ask questions, and visualize what they’d do with the propertyWhy This MattersA well-run inspection walkthrough isn’t just about one showing—it’s about driving revenue and creating competition.