The idea of a partnership was explored, but our lawyer advised against it.

I am not a lawyer, and can only provide a potential scenario .

I was wondering if there are any real estate lawyers/title or abstract companies that could help draft up new leases/rules and regulations for the tenants we will be acquiring? 

The seller does have a title agency that is taking care of the purchase agreement and title search process.I was wondering if there are any real estate lawyers/title or abstract companies that could help draft up new leases/rules and regulations for the tenants we will be acquiring? 

The seller does have a title agency that is taking care of the purchase agreement and title search process.I was wondering if there are any real estate lawyers/title or abstract companies that could help draft up new leases/rules and regulations for the tenants we will be acquiring? 

If you are going to move forward, and this isn't a scam (i.e. they deposit $1 mil in your account and tell you to carry on), you should probably visit a good contract lawyer to spell out what everyone's responsibility is and try to limit your liability if this thing goes south. 

You would still need some money to do the closing costs and pay for a lawyer and inspection.

Your LLC may need to pay brokers, bookkeepers, land operators and lawyers to discover properties, get them, handle lawful issues and keep your records precisely.

You have gotten some good advice on this thread, but make sure to have your lawyer review and formally write up whatever agreement you and the seller come to.

I suppose the amount of liability on the part of the PM would be clarified by the terms of your contract with them and you' might need to see a lawyer to sort that out.