I have been involved in litigation in the past when a subcontractor ordered materials from China and the formaldehyde levels in the products were not satisfactory to the buyers of the units when they did their own testing and they filed a multimillion dollar lawsuit. 

I had to file with the courts and go before a judge to force a partner to buy me out many years ago.

I had 2 deals fall through because the owner didn't file taxes, without Schedule E's it is impossible to get favorable funding.

I decided at the beginning I only wanted to rent to people who were gainfully employed (or students that had gainfully employed parents), had no criminal record, decent credit scores, no charge offs or bankruptcies, steady & stable job history, and the like.

Not sure what the laws are there but in Florida on the 5th day we have to send them a 3 day pay or quit notice before filing an eviction.

@Femi Ibrahim   There were so many deficiencies with your transaction, that a good lawyer may be able to find legal merit and file suit. 

Few applicants familiar with county and state mandates pushed by local politicians are likely to voluntarily disclose information about convictions, felony arrests, or bankruptcies.

Did they file a form D with the sec based on the name of the entity ?

Should I undergo water mitigation and mold remediation immediately prior to filing insurance?

The only issue you may have is when filing your taxes some preparers charge based on the number of inputs you have such as W2s, 1099s, and P&Ls.