Thanks for the response Tyler, only issue is, financing is provided based on the deal, and this is where I'm stuck. when you say have the financing ready to jump on any good deal, I hear you and agree with you, but like I said, debt or equity investors would want to see the deal first before signing any agreements.

My first thought was to review my buyer’s rep agreement and I have requested a copy from both parties.

And which manager managed vs member managed and what agreements needed between the entities and who provides and maintains.

When buying a prop, with a tenant already in, YES, get a copy of the HAP, agreement and lease, Call the office and make sure all is in order, DO NOT trust the seller.

You can keep the same entity to conduct real estate transactions but it’s important to update to the operation agreement before doing so.

We are looking for an attorney with experience that can construct an operating agreement for an LLC for an acquisition of a multi family property in the state of Arizona. 

Your offer to purchase should include a requirement that the Seller provide all documentation and agree to sign an estoppel certificate (also called an estoppel form or agreement).

Hi,I have property with a PM....as part of the agreement any late fees go 100% to the property manager.......my tenant moved out without paying last month's rent and the property also had a bit of damage and repair expense (3-4x monthly rent.) 

Standard term lease for minimum required by HOA (usually 6 or 12 months) with a separate agreement that lease can be determined by tenant after certain amount of time.