What I would do is remove the vanity, toilet and the tile wall up to the shower and all the wall paper.

Some landlords start eviction papers right away.

gotcha... although if you just hand in the keys your walking from your downpayment and whatever cash you have in it.your sense are correct all these folks singing on massive debt with 5 year calls are taking a certain amount of risk.. just need to look back to 08 09 when no one could refi and all these properties changed hands.. it was not because of poor operators basically it was frozen credit and banks not relenting or walls st.. hedgefund bought said notes from failed banks and refused to rewrite and took the assets.. since they paid pennies on the dollar for the paper.. foreclosing and reselling was still a better play for them.. 

But there were papers that caused it to keep igniting. 

Now how many successful real estate investors look back and say "man, real estate investing was dumb, and if it were a piece of paper, i would light it on fire".  

If we were to get sued, I'm sure a lawyer would follow the paper and destroy the 'corporate veil.' 

Run an ad in the paper ..."

Figure out how much your cost of money is and put them all on paper.

it is very thin, almost like a paper, flexible

I generally sign the release as part of closing where title company sends me the paper to sign and I send it back to them and the title company don't file the release with county unless the deal has closed.