If anybody is doing all three, please share how do you run your business?

Well, three weeks after they move out, I have my contractor do some work on the bathroom and he needs access to the attic.

@Milton Carrillo changing the building from a two family to a three family would be considered a “change of use” which would trigger new construction standards, which are sprinklers.

Work with some qualified professional, i.e. attorney for starters, to help figure out how to structure this partnership.This all being said, figure out if your ~$40k now is sufficient to do anything. 

Its not my preference to "do something on one property" which disturbs all three. 

There are three GP's, the capital partner, the operator, and the fundraiser... 30% equity stake in the GP is reserved for raising a total of $1M, it is pro-rata.

For me, this was great because I have three children and at the time I was also on the school committee in Gorham, which was very time consuming.

The property has three large pole barns on it - one is a 4 stall horse barn with small arena that is in great shape.

There is basically three option when one of the roommates leaves mid lease:1.

In the past year I have purchased three duplex’s and one SFH as rentals.