@Tiana Lazard check with your local municipality, but unlikely you can claim homestead unless it is still your legal address - and you want tenants getting your mail.

I do plan to consult my real estate attorney who handled the closing but this is his busiest week of the year, so I definitely don’t want to bug him with something that isn’t extremely urgent until after the New Year.

We now are looking to create an LLC and setup the necessary legal documents to protect both parties and layout the terms of the agreement.

- Also, what is their networth, so they are legally collectible for the guarantees?

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

With out reading th contract I can't know if it is legal but it sounds like they created a situation where they have to be the manger.  

I am not a CPA and am not providing legal advice.

Google real estate closing company and your state to find out what type of place handles closings in your state.

Who ultimately has to come up for tbe repair cost is a legal question between you and the neighbor.

What you can require legally changes depending on your location. - If you make the above clear in the listing, you will immediately get fewer applicants.