Ideally you have a contract in place that spells out what happens if you split up or one of you dies?

As opposed to fixer SFRs, you can figure out who a lot of potential buyers are, and assign the contract during escrow. 

I would suggest to check these things out before an offer or while under due diligence before the contract goes hard.I was under the impression he got it to rent primarily.

You can always sign a contract to buy the remaining properties anytime with a closing date scheduled for the future (not sure why he would want to do that though since we don't know what will happen appreciation-wise).

This also leads owners to ASSUME simpler is better when it comes to management contracts.

The area is loaded with men on 1-2 year contracts who have homes some where else and they just need 1-2 years of safe, clean, comfortable housing and the only other option is seedy hotels.  

(Housing Choice Voucher Program, HCVP)Guys it's 180 degrees...I had TWO properties go from voucher to inspection to HAP contract/rental to direct deposit setup within 10 business days each.

You can open a business bank account, sign contracts, and handle expenses under the company’s name, keeping everything clean and organized.

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

-It's been so crazy that I'm under contract for an OOS property in Indiana now with another business partner - never thought I'd see the day where I'd have to look outside of Huntsville for deals