So, how do you protect yourself if you have signed an agreement without a buyer? 

While corporations must adhere to annual meetings, board of directors, minutes, bylaws, corporate officers, and franchise tax filings/public information reports, LLC’s have only Articles of Organization and Operating Agreement.  

@Bruce LynnMy first question is - does the operating agreement allow the sponsor to do this?

Review their management agreement.

Depends on the laws in your state and what your lease agreement states in regards to the tenant's obligation to facilitate repairs that are your obligation.

The NWMLS Buyer Brokerage Services Agreement breaks down how this works. 

Kudos to you for reaching out to her immediately (after missing her July payment) and coming to an agreement with her. 

As a matter of fact, I recently met a young lady who, shortly after meeting, called me for help with an investment she'd made with someone else after both she and the other person failed to satisfy their contractual agreements.

Alternatively you could do a smaller a cash out amount and a private agreement for installment payments to each party secured as a second lien post closing. 

Getting into the story behind this one..This deal was sourced from a large corporate wholesaler (no names) Originally listed as 179,999 as a "wholetail" deal with an "ARV" of 250,000 I walked the house and estimated it needed little in terms of repairs, though I knew a realistic ARV was between 215-230 However, there were tenants in the house without a lease agreement with the current landlord.