Today is Nov 10th, and he still did not send me the payment and has not responded.In July, when it was time to renew the lease, he also messed up on the renewal dates on the contract and was reluctant to get it amended with the tenant.

That said, I am imagining if I had my license, I would have the freedom of placing my own offers at free will, amending those offers, and representing myself in the deal if it comes to that end.

I am wondering if we need to have our current tenants sign new leases with the LLC, or can we amend the parties to the lease with an amendment or addendum?

Michigan passed the Hedleed Amendment (http://www.legislature.mi.gov/...) that capped increases to the SEV annually to the lower of 5% or the state's Cost of Libving increase.

It will absolutely change your contract and it will require amendments to change your acquisition of the property. 

Also, if for any reason you change your mind before closing escrow, all you need to do is have the escrow instructions amended and the QI fee portion will be removed (which relatively speaking, is very small).Also, since your parents are looking for steady retirement income, if the worst case scenario happens and you are unable to find anything or if the exchange will not be sufficient, there are alternatives to direct ownership, like a DST which can be used to fill in any gaps.

Also, if you have done this before, what is the necessary paperwork for that besides the purchase agreement, IRS forms and an amendment to the operating agreement?

@Paul Lee - I think the passage of the Gallagher amendment will also be impacting taxes in Colorado Springs, Denver (all of Colorado actually) around 2022.

His advice is to make Block Advisors to amend the 2019 tax return.

Once you have an opportunity to check the property from inside, you will know if those numbers still work for and if you need to send an amendment to address concerns.Have your agent call the other agent to secure some intel in terms of what they need.