Things that can be issues; superior liens like IRS liens, Inferior liens or judgment holders who were not notified, or even the quality of the title the previous owner had.

looks like you no longer have this issue.But in the future if it happens again what's been mentioned so far - screen the new tenant, fill out application form, collect app fee, and have all existing tenant sign.IN ADDITION, make sure the existing tenants and new tenant understand, and include into the addendum if necessary, that all claims, damages and deposits are shared by all tenants from this day forward.That means if you see a broken window and need to charge them for repairs tenant C can't say oh it's broken before I moved in.Or if tenant B moves out and six months later you charge a deduction in the security deposit on a hole in the wall behind the couch he says the hole wasn't there when he moved out so it's not coming out of his deposit.At the end of the lease when you refund the deposit it will be a check to "A B and C" jointly regardless of who might be there or not at the end of the lease. 

My wife and I have completed a 1031 exchange of a property we owned in joint title. 

The RE broker found someone reputable and got back to me with a quote of $45K for the big office building and 40K for the smaller office building (would need to be done in next 3 years) – this would include tear down, using shingles that last 30 years, repairing mortar joints on chimney, etc.

Have you thought about partnering up in joint ventures or getting involved in syndication?

(Jointly we make 90k/year)2.

(jointly we make 90k/year)2.

Your case is better than the average investor, because others are claiming inferior or incomplete rehab.

For example if you find a motivated seller you can joint venture with a person to bring in the money and split the proceeds. 

I am looking to convert that into full time rental property and also I want to void paying the Capital Gains Tax (500K for Married filing jointly), I have considerable equity in the home, I don't want to sell the property to others now and want to hold it for few more years.From the Article below by @Brandon Hall, I see that I can sell this SFH to an LLC I own.