Is there a specific form that should be used for termination and authorization to disperse funds (earnest money) or is just a typed up word document signed sufficient?

If you feel they won't be agreeable, you have to give them sufficient notice.

We want to create an LLC in future, but for now, do tenants have to make check payable to both of us, or is one sufficient?  

We have already measured and made the backsplash, which will go with either  dark or light cabinets.Also, the place is still full of junk [not like the ones I have seen pictured on BP] but there is also a quantity of ruby and depression glass in some of the cabinets.  

The cash flow from that I hope to be sufficient to begin developing a few small units (4-8 units large).

However, there is a LOT to absorb here and I've had to give up other things in my schedule to devote what I consider to be sufficient time for me to get the most I can out of this site.  

This is my first post on BiggerPockets, and I am thoroughly impressed with the quality and quantity of your responses,  guys and gals! 

Is an attorney title opinion sufficient? 

Your list is sufficient to get the point across that a seller has certain problems. 

@Gerald Harris  Yes I have a real estate agent and I am sure she will be helpful, but I like to be self-sufficient to a certain degree as well.