Depending on the lease and receiving the death certificate send the check to either "the estate of XXX" or if Dad was also on as a financially responsible party I'd make it out to "Dad, or the Estate of XXX" so he could deposit it himself. 

The hard part is finding the great deals and negotiating the price.  

If you are truly acting as a real estate broker and bringing two parties together then IMO you would brokering real estate without a license. 

The tenants may not like the timelines or outcomes of the repairs - part is on back order, they have to pay for the repair due to abuse, the owner chooses to repair instead of replacing.

The third option is to do the cash out refi while you are still living there (better rate and fees), keep it as a rental, and then move on.

Using an attorney, CPA or a 3rd party as agent is smarter.2) Having an Operating Agreement---Without one, you don't have a viable LLC and highly likely a judge will set it aside.3) Buying a property in your name to get a FNMA/FHA/VA mortgage, then transferring the property to an LLC via QCD. 

The second piece is whether or not you pass the Material Participation Tests found in IRC 469 and the third piece is whether your participation rises to the level of Substantial Services (think hotel, B&B).4) My CPA Says I can't deduct a loss that was generated! 

In general, once an agreement is entered into by the parties, the only way to enter into an amended or new agreement is for the parties to give "legal consideration" for the new agreement.

We served the tenant 90 day notice as she was throwing massive parties in the home with complaints from neighbors, etc.

Each contributed a third of the amount for down payment, since I'm single I'm moving into one of the units and we got it at 5% down.