Neither document should mention the other--lease is a lease only, option to buy is only an option. 

So have your LTR tenant sign a separate document acknowledging that they realize there will be transient guests next door.

There are two distinctly different collection strategies you can pursue:1) Collections Company: there are several that ALL they do is pester the debtor for payment with calls, texts, emails, letters, etc.2) Collections Attorneys: they will get a money judgment for balance owed and then pursue garnishment as necessary - including garnishing any state tax refund (if the state allows).Both will take a percentage of what they collect.

If so, is this something I can get a template of online or do I need to seek one of these documents from an attorney to then present back to attorney signed by both parties to then draft a formal contract?

If you plan to do this, best to tell your lender so they can document that you own the LLC so title stays the same. 

Just shoot me a message with your email and I will send over a picture of their business card. 

All negotiation was done by email.

They went belly up and now are getting personally sued. someone sent this to me the other day that I posted in another group as well: Document List (state.ny.us) - I will also add I am in note investing and a famous guru who now has around $2M +/- in judgments against them used to have large conferences and would charge for it.

Request a detailed list of documents and information from the seller, including financials, leases, contracts, capital expenditures, surveys, environmental reports, open permits, and the Certificate of Operations.2.Physical Property Due Diligence.

@Jesse Dominguez-Castelan You should also explore one of the quickest options to this situation - reach out to the seller financing provider and see if he'll extend the balloon a few more years.I did this in the past when my 5 year balloon was about up, it was a simple email checking if he was happy with the arrangement and would extend an additional 3 years.