A single member LLC is a "disregarded entity" for tax purposes (meaning you do not need a Form 1065 or schedule K-1 for your tax returns) but you will need an operating agreement, to keep annual minutes and to setup separate bank accounts in the LLC's name.

Disregarding limits usually creates issues with local housing code officials. 

For example, you might be able to rent to people in YOUR UNIT while disregarding those laws, but the other units are subject to anti-discriminatory laws.  

,you'll see why you don't need a "nice" property.I don't think you should disregard your current mindset because it's what's going to help you see things from the tenant/ buyers POV.

.** The rental income can be tied to property, disregarding the who the property owner is (or was), if rental history documentation is available. 

If someone is buying your property and they are getting financing, it is the same story - the bank will order their own appraisal and disregard others (in most cases).I see where you are going with that idea, but I would encourage you to go through the underwriting process yourself and get comfortable doing it.

An LLC is (usually) a disregarded entity as far as taxes.

3) How can I find his number just in case the owner disregards my big bold WILL BUY HOUSE FOR CASHAny advise on working this deal or how to get a sellers attention at the best price is greatly appreciated. 

Your PM has allowed this tenant to break the rules and disregard the terms of the rental agreement over time.

If you did nothing it would be treated as a "disregarded entity" or ignored for tax purposes.