However, my credit is not good and I'm having a difficult time getting anyone to rent to me.

Martin and Julie McCoy--they are both very good at remote STR management.Good luck! 

So, if you're OK with that, then it sounds like a good deal.

The fastest legal way is likely to pay them to leave (only pay after they are out and if they left it in good condition). 

Quote from @Hemed Tov: I would really get with someone in that market that can dig in see what is going on with the market (comps), and also maybe the rehab was not as good of a job of what the market is yielding at 300K property.

@Jefferson Black- thanks for the update...good luck 

I found really good deals and paid cash.

If you’re lucky, you will find one that has a lot of Realtor/investors to learn from.Ask around and good luck!

That likely means that they are not good with money management which you are likely expecting from him.To answer your question, if you are doing long-term rentals, the LLC taxed as a partnership is likely the go to route.Best of luck.  

The land is a good property to be developed for single family homes.