Thought is we would have an LLC with an arrangement of the ownership of the property would be mine since I am fronting all the money.

Are there any verbal agreements or arrangements between the current Landlord and Tenant?

Aftershocks of pandemic still linger in this areaTurnover out-of pocket costs 3-5K  while it sits vacant (fortunately never sits long +next to some desirable amenities.Take time to advertise / arrange showings / find qualified tenants. 

However over the years the IRS has been very suspicious of such arrangements because of the opportunity for friendly parties to structure sales prices to shift the basis to benefit the exchangor. 

Are there any spoken / unspoken rules I would need to know about approaching these lenders for these types of loan arrangements?

The deal is so small you are going to have lenders motivated to lend commercially and be alright with you taking on additional debt so you're basically looking for an equity partner willing to take on this arrangement.  

It seems like the family is doing the right thing and are making arrangements to clear out the unit quickly.   

That's a hard thing to do.I don't mind networking events and there is a lot of value in them, but I'd also like to meet other local people without the pretense or expectation that those relationships be likely to develop into some sort of business arrangement.

I have arranged financing for single tenant properties in TX and FL on multiple occasions.  

Right now, the most stressful/time consuming part of this whole thing is arranging the cleaning, I’m nervous that one is going to get missed at some point, but I feel like I have to check the schedule daily to stay on top of it.