Scaling-  your question is both country and even town specific.  

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

Any legal issues I should be aware of in this situation? 

Quote from @Anne Christensen: Unless you have a ton of equity, I wouldn't bother with a legal structure that adds complexity and cost.The odds of you being sued are about the same as being struck by lightning twice.

You would have to go after the one individual for non-payment and you could only remove the other three by going through the legal process like you would for someone on a verbal agreement, which puts you in a he-said, she-said situation. 

If you know of any legal entity in TX that can help in a case where GP is not doing their job (maybe a branch of SEC), please let me know.TIA

The contract was a simple 3 page one and I wrote this in.Also, it is a single family being rented as a rooming house (which is technically not legal here).

Lenders will want to see the filed Articles of Organization, an Operating Agreement that you can get from your attorney or, if you're brave and it's just you on the LLC, some people use Legal Zoom or Law Depot.

We now are looking to create an LLC and setup the necessary legal documents to protect both parties and layout the terms of the agreement.

So, just give it your best self-help effort to find them, and then let the GAL do his or her job.As far as an ejectment lawsuit, the real question is, was the property legally abandoned?