Congrats on your transition to Texas.

Feltonville was traditionally a middle class neighborhood that transited after the factories began to close. 

My understanding is that the property owner needs a written document about the transition happening.Is there any standard procedure (e.g.

I've bought a few SFRs already, and I am now trying to transition into multis. 

After the transition I took the job of renovating the old site to make a new medical office.

One could credit the remaining folks for the deposit on file and return just the leaving tenant pro rata, but then you need a small check from the remaining tenants anyway to get the full deposit, and you never know how they have allocated or paid the deposit (or even if they are on good terms), and you rely on the kindness of strangers to return it to the leaving guy (so he does not ask you for it later).Either way, make sure it is crystal clear and communicated (I communicate it multiple times) to ensure a smooth transition and prevent problems; that may be key, get the fuzziness out and make sure no feathers are ruffled.

You can try to transition your 19 units to prop mgmt to see if you can get comfortable with that before taking the plunge on 67 units ( but at the same time make sure you are not losing the 48 unit deal if there is a risk) .  

I'm sold, just sent my first tenant through and plan to transition the rest shortly. 

2) Was there a transition meeting where control was transferred and if so, are there minutes?

I have/do rent to two tenants who have had criminal backgrounds.First tenant was in a transition program for an extensive period of time (years); had a job working in maintenance at a local hotel which he faithfully rode his bike to (a distance of a good number of miles) because, of course, he was not allowed a car.