I think it depends on what type of situation you have in place with your property manager, and what was spelled out in respect to what they are or are not allowed to do without first getting consent.On this board I've read some landlords say they want the PM to contact them on any and everything before they pay for anything (even relatively minor things, in my opinion); others have noted that their PM's have a certain amount of empowerment and latitude to take care of things within a certain price range, etc, just so they aren't bothered by minor repairs/issues.

However, it is better to have a partnership agreement that spells out the terms of the partnership.

I am green and know this.I like the advice on checking changed spellings--I also noticed 2 single women buyers --got married during years of living in the property.

You do not have to spell it out for them.  

A solid contract that spells out in black and white, who is responsible for what and who does what and who has final say on overall strategy and day to day issues.This is where I see the most arguments and disagreements coming up when people don't agree on what should be done (especially if the deal is losing money) and everyone thinks they're in charge because they put the money in or they done all the work.

A room by room walk-through, spelling out what the expectations were, delineating what was to be done and what the timeframe for completion was.

From the party standpoint our lease actually spells out that they are prohibited and that 10 or more people constitutes a party (In addition to residents).  

Just make sure the terms are spelled out.I would also consult in a realtor prior to auction and get a good CMA price of the house.  

Whatever you decide to do, just make sure you spell it out clearly in the lease so everyone is on the same page.

With any partnership, make sure the Ds are spelled out in writing!