@Moira Baggett, there is no real answer to this other than: review your operating agreement and potentially talk to an attorney, likely to do the same.Most syndication docs drafted by capable attorneys will effectively state that you are acknowledging these are risky investments and there is a real chance you lose all your money.  

However, but is it market to enter into an agreement with a property manager on just a lease transaction?

If that agreement times out and you haven't received rent, then go to the courthouse and file eviction.

In what ways can JVs be structured to finance a RE investment, and what are the main legal and financial considerations for parties entering into such agreements?

Instead of the typical 20-25% for DSCR loans, you and the seller can dictate the terms, even incorporating an equity-sharing agreement for added flexibility.

When you have established the operation agreement of the LLC correctly, this will allow you to operate and be protected via the LLC while having access to great financing options.This should be a pretty easy task for an experienced attorney.

But this isn't a tenant, in the sense that there isn't a lease agreement. 

With an Operating Agreement, separate bank account, etc.? 

The options they gave us were 1) leave the panels in place but get no benefit and do no harm to them 2) purchase the panels (we were quoted the full retail price which is ridiculous) 3) sign a new agreement IF AND WHEN we wanted to.

Is to close both loans at the same time, usually the Hard Money lender will want the PML 2nd lien lender to sign a subordination agreement to make sure that they are in 2nd position, because Texas is a 1st to file state, you could run into a situation where your 2nd lien goes to the courthouse 1st, and files 1st.2.