Is there a form I can get him to sign or just a 3 day notice to vacate is sufficient?

It is apparent that he didn’t do his due diligence to well handle the purchase process and didn’t disclose the sufficient information to us before our purchase.

I would not volunteer any information about your property ownership or corporate structure as it is and area outside the expertise of most boarder agents and foisting such material upon them is just asking for a longer sojourn at the border.In short, when asked tell the truth, but only the information sufficient to answer the question.

I will be able to get this because the potential client CAN NOT qualify for a loan but has sufficient income to pay the new payment which will be $1,100 per month. 

In your neighborhood, you don't want to have a vacancy very long, because things can tend to 'go missing'.If one tenant has sufficient income to qualify based on your standards, but the (probably) student with no social (BTW, get a copy of their visa for your records, and proof they are a full-time student) does NOT have provable income or background, the ONLY way to go is to get first, last and security.Since you are living there, you will have a better handle on the day-to-day, and you MUST stay on top of things. 

For the later you need to judge if the space is sufficient and this would work for you.

- If we buy a couple thousand acres of ranch land, but it is only used for grazing in the summer, is that sufficient?

Contractors work on quantities.

They hear the words private placement, see fancy offering materials, and watch rousing deal webinars and they get that excited (premature) bowel movement feeling.The financial protections (net worth and/or income) from the high risks of private placements are important and just having the knowledge part may not be sufficient protection. 

Honestly, I think your best bet would be to really focus on your credit for now until you can get it to a level that is sufficient to do a HELOC or a home purchase.