Now the house is still on the market, with a potential buyer, though no paper has been issued formally to say it is.

It is super easy to get a small claims judgement against tenants that do this; getting paid on that judgement is another matter.Also in our State we can't start the formal notice process until the 11th and that must be done by a Marshall ($75 - $100) BUT when properties are held in LLC's, like ours are, then an Attorney must have the Marshall serve the notice (several hundred dollar$s) more.

I have heard about the local RICH club, but may look into something someone less formal for initial networking, as I am not yet in a position where membership fees wouldn't slow my startup progress.

The most involved aspect is not the formality of forming the LLC, but the Operating Agreement between members.

One formal letter within the allowed time frame by law in your state.

What I lack in MBA's and other formal degrees I make up for with an insatiable desire for learning.  

If you don't have a note, you will need to create something more formal with that family member to provide to the bank.

They should start by giving them formal notice and have a professional post it.

There's about 45 minutes of unorganized meet & greet, followed by about 45 minutes of formal presentation on some topic, followed by more meet & greet. 

I bet you the original PSA  language and the buyer’s follow up low appraisal notice formally terminated the deal whether or not they expressly stated so when filling it out and the agents are duking it out trying to keep the deal alive.