I haven't even submitted the application to move the property from residential zoning to commercial because I'm waiting to hear from the city if they will allow us to keep our septic system.

@Caleb Heimsoth Good Morning My wife's parents are allowing us to stay there to save money so we can get a good start at whatever we want to do plus they are not rushing us. so I thought why not invest in something that can help us out, even more, when we decide to leave.

This changed after 2015 when no longer strip offs were allowed. 

Your purchase agreement should ideally include some sort of verbiage along the lines of "seller will allow access to house with 24-hour notice" or similar.As far as "how" you share this info, here is how I do it.

As far as my time and knowledge allow, I will help you. 

But the equity we're holding in those 2 properties is nice, and allows me to tap it with a HELOC when an opportunity arises.

Instead, I would focus on strategies that allow you to exploit your already existing relationships. 

What's the legal timeframe allowed for informing the tenant?

@Nav S.You're allowed a cap gains exemption on a primary residence as long as you lived in it 2 of the previous 5 years.

She's offered to deed me the house valued at $280,000, if I make the HOA payments, pay the property taxes, and allow her to live there rent free.