Personally I am thinking 1c.

Quote from @Jeffrey Duck: I see no reason to pay an attorney for this, but it's your dime.The current lease was between you and Person B.

https://app.box.com/s/4sedcgxd2eqou5ugizjspk406zbp75aaI have absolutely personally nothing against Mr. 

As noted above, having an agent that is familiar with investing can help in how the investing market looks versus how buying a personal property looks.

Just keep in mind that there are further steps you'll want to keep to minimize the possibility that your entity is ignored for this kind of personal liability (say, if you were the person who didn't properly clear snow, or if your finances and the LLC's are comingled).And I agree with @Chris Seveney, insurance may provide adequate protection based on what's available to you.

My wife and I plan to purchase a few properties ourselves, but with the lead generation strategies I’ll be implementing, I expect to come across more deals than we can personally handle.That’s where you come in!

I would be very interested in the person’s contact information that does Pad split in this geographical area. :)

If the loan officer asks you about your debts, you can ask clarifying questions such as are you asking for personal debts or business debts?

They mentioned that the family member began debt consolidation 20 months ago, the way debt consolidation works the company lets it go into collections I am concerned that if the person files for bankruptcy.Even just one of 3 family member file a bankruptcy 7, can they stay 3 to 5 months without paying rent?

My business partner owns a roofing company but has weak credit and more limited cash flow.An LLC is a common choice for partnerships since it protects personal assets and simplifies tax management.