Additionally, they reinvest cash from the equity in their rentals into other rentals / vehicles in order to maximize their return and prevent "dead equity" from "diminishing" their ROI.  

I think mounting it high on the wall would have prevented this from happening to me.

I'm still concerned, as a "verbal confirmation" certainly doesn't prevent things from changing, but we're hoping that if we move the closing process along swiftly that will put pressure on the sellers' end to move these people out ASAP.

They said that the Fair Housing Act prevents people from discriminating the tenants with dogs.

These puppies are likely to do a lot of damage so as soon as you can afford it I would get the tenant out and renovate to prevent further damage.

I don't personally mind college rentals, just having the parents co-sign goes a long way for preventing damage or at least having it reimbursed later.

We still have to repair some holes in the ceiling and wall of that room where we had to cut out drywall to repair the leaks, but at this point I'm just relieved we've prevented further water damage. 

This is an issue because I was looking to setup a LP with myself as general partner and him as a limited partner and keep his name off the title, thus eliminating his liability, but this is preventing me from doing so. 

Having a RE Attorney will save you money in the long run because they will prevent you from structuring the deal wrong.

It will prevent you from flipping it to a normal buyer because they will not be able to get title insurance until the statute of limitations expires for claiming an interest in the property.