I got an estoppel agreement filled out to figure out lease terms, etc.

It can strengthen your relationship with your property manager and demonstrate that you value their contributions to your business.It helps ensure compliance with lease agreements.Many lease agreements require landlords to name their property managers as additional insured parties on their insurance policies.

Originally posted by @David To:So myself, my attorney and the tenant's attorney have come to an agreement.

You would have to go after the one individual for non-payment and you could only remove the other three by going through the legal process like you would for someone on a verbal agreement, which puts you in a he-said, she-said situation. 

They recently split up and the wife is asking to be removed from the lease agreement.

It should be noted that the cases were prosecuted against companies that owned and sold thousands of properties nationwide, not against small time operators, but anyone who attempts to follow the model is better off hiring a well versed in the subject matter attorney and be aware of state specific restrictions (like in NY, Wisconsin and others) on Deed for Contract agreements.  

Make sure that that person has a lot of experience, and make sure that there is at least 20% - 25% equity over and above the amount that you have lent and in your agreement it states that they can have no other liens or loans on top of yours.

If I were you and you need to meet the requirement of working under a Broker, just make sure your agreement with the broker allows you to take all your properties with you once you leave, obtain your brokers license and start your own brokerageI would also start looking at software systems and joining the National Association of Residential Property Managers.

Overall i am pretty sure that you and I are in agreement - people usually underestimate the expenses, so it is always good to err on the side of having more reserve.

The lender does not live in the home and the agreement states that they be listed as loss payee.