@Brandt Thompson...assuming you're going conventional financing, and you're truly going to rent the property, just make sure you get a lease agreement signed and if you can't get a deposit, have a 1007/rent schedule done that will back up the lease, and you should be given 75% of the lease to offset the PITIA. 

(Unless specifically specified by statute or legal agreement, both of which are unlikely).The court doesn't always look at the "letter" of the incident, they look at the intent.

If you do go with an LLC, make sure an attorney provides it specific to you (not downloaded from the internet), that teh attorney will defend it in court, that you jave an operatiing agreement and that you follow said operating agreement. 

.- overall "damage" is very minor as it will involve cleaning up after her, taking out her trash, and carpet cleaning throughout ($200) to get cat puke out of carpet- odd note was that she has a huge real Christmas tree which she left....who buys a Christmas tree if they intend to leave - confirmed via talking to her mother (emergency contact on my pet agreement) that she has moved to a new rental property- I have not filed the 3 days quit or cute as I'm concerned that the terminology indicates (perhaps I'm reading to far into it)that if she leaves the lease will be terminated.

Specifically, anything indicating that the lease is completed and both sides have no claims or issues with each other.There's no "standard" agreement that I'm aware of, but we've done a bilateral "Termination of Rental Agreement" when we wanted to document that a tenant has officially moved out, that there are no outstanding funds owed, and that there are no claims or issues.These agreements are particularly useful when doing "cash for keys" with a tenant.I would keep it simple: State in the document exactly what you want to establish as facts, and then run it by an attorney for good measure.I'd also recommend requiring the tenant's signature be notarized.

@David H. it depends apon what the exact agreements are between you and your father.

We have a couple renting a house in Minnesota who is consistently behind on paying rent but they end up paying the full rent within the month, staying just out of reach of agreement termination.

You need a partnership agreement, but you can't buy in an LLC or transfer to an LLC without two years of tax returns for the business or a relationship with a local bank.

Also always have an attorney review the PPM and subscription agreement

Review their management agreement.