In this completive market, it seems as though off-market deals is the only place to really find a "comfortable" position to be in (although completely aware that we are all in a risk filled area of investing). 

We filled one out for my mom last year.

I currently manage them both and am experienced with the whole process along with finding deals and analyzing them.

A knowledgeable attorney can advise here.Create a solid operating agreement: Since you own the condo with a friend, a clear operating agreement is essential to outline responsibilities, decision-making, and profit-sharing for the LLC.To save on costs:Look for real estate attorneys who specialize in investment properties and might offer package deals for the retitling, operating agreement, and filing the LLC.Shop around for title companies that can handle the transfer smoothly and provide competitive rates.Research DIY options for setting up the LLC if your situation is straightforward, though I’d still recommend a lawyer for the transfer process itself.Good luck with the process!

My wife (who's from CR) and I are early in the process. 

A rider should be filled out.

He has repeated the process in which you mentioned with success.

If the tenant refuses to cooperate, begin the eviction process.

Will you be able to fill the property after the renovations?

It's tough to work with corporate seller's.However, there is a TON of investable inventory in the Atlanta market right now that is institutionally owned where there process is very ridged.