I've added that I would like them to contact me by X-date to discuss options and that if I do not hear from them by X-Date, I plan to escalate this through proper legal channels.

Okay, so lets say that you have set up the proper foundation for a wholesaling business and have leads flowing in.

Should I do myself, if so can you guys help me out with possible review of operating agreement/ land trust agreement. or suggest any other options I may have.I also heard that proper insurance would take care of all my concerns.Thoughts?

Of course, if you read some of the success stories here, the rewards can be awesome.You could start by completing your BP profile properly so that people will take you a little more seriously when you ask questions.Best of luck with it.

Do I actually serve him with a proper 30 day Notice to Quit?

The owner, or you with the proper Authorization To Release information about the loan, need to get a pay off figure from the bank.

Now, if these properties are in Denver proper this isn't so bad. 

Just make sure to properly vet any potential partners.

If it is not properly capitalized and plaintiff's counsel successfully argues that it is just a shell for liability purposes, it will get tossed out.

Second question is that if proper notice is the issue here, isn't there some legal contracts you could sign with the tenants to give them notice and fully lay out all the scenarios if you take ownership for 45k.