Without it, the entity has no formal corporate governance. 

You sort of miss out on the formalities of how estates are settled through the courts.  

This could be a good solution if you need the tenants out quickly and if the tenants are not interested in your buyout offer.Finally, if the situation becomes more complicated or adversarial, you might have to pursue a formal eviction process.

Would you consider attempting to pickup the property through a formal listing?

At the end of the day, I understand the goal of the city's programs (ensure landlords aren't slumlords), but typically they are just a formality which is the real problem, in my opinion.

This may also be the case whether or not there is a formally signed or written contract; what is technically required is an offer and an acceptance. 

If property owners do not agree with the property appraisal value or find that their home has been overvalued, they can lodge a formal protest with the appraisal review board to have the property re-evaluated.Reason Number Three – These Taxes are Set at a Local Government LevelThe State of Texas doesn’t determine what your property tax bill will be, as this is set by your local authorities.

Were any formal forms issued to or from the partnership's EIN number? 

If you’re looking for deals that you can buy at significant (greater than 5%) discount to REAL market price, you almost certainly won’t find them listed, either formally (MLS) or informally (FSBO websites).

@Christine Johanns hey we have just been formalizing our structure and our Licensed Builders arm of the business, we took off running and are available in certain areas https://www.instagram.com/detroit_licensed_contractors/