He said this is way too much money, the other landlord verbally agreed to a cat (there are no documents, no notice and he filled estoppel agreement and did not mention anything about it), he said he had this cat for the last 10 years and he won't pay that much, and he can take us to court because he has tenants' rights. 

They will not hold up in court. when you buy property like that you run the risk of losing it.

The bankruptcy court has a waiver to sign when you do not have the funds to proceed with the bankruptcy filings and other documents.

If they damage the place, that is what the security deposit and if necessary, the court system are for.

Your guy can suggest all he wants, but is the system functioning?

DIY Cost Seg had nice functionality for adding any improvements you made to the property by category (HVAC, Electrical, etc.).

Now it’s evolved into a fully functional system.

Anyways, with there being so many moving parts and deadlines I didn’t want to take it on by myself and it was such a good sized deal I told my friend if he could navigate the courts I’d partner with him.

You need to check with the local jurisdiction (your property manager should know),In this particular case, due to the length if you have a receipt you can show that to them and that should be good in most courts if this goes to majors.

Oh, I didn't use the search function to see there are 6,000 other threads about LLC formation." 2.