I would treat this as an opportunity to cut your teeth and learn the process, while also maintaining the ability to select roommates that you will be happy getting along and living with.  

He has no problem whatsoever with us utilizing his portion of the right of way - but we do eventually need to take care of legalities - I fear the time will come that he wants to sell the property and by then it will be too late to work this to our advantage. 

Anyone can sue for pretty much any or no reason whatsoever. 

I have no experience whatsoever but from a management perspective with the end result of success, I would ask the question if this third individual was at the table day one, would it have made a difference?

There are 0 fees whatsoever (I called their customer service line and asked 8 different times in 8 different ways to be absolutely sure).

If you go the self-management route you might be able to find a newer agent who is cutting their teeth in the industry and looking to make extra cash.

Tough love :)All the best  When I started my business I didn’t know much about running a business, no experience whatsoever, but I went for it and eventually figured it out. 

I'm able to purchase the property in full with the HELOC without any hassle whatsoever!

I'm just not sure it has enough teeth in it.

The  status of the missing rents were not reported as delinquent, eviction processing or clarified in any manner whatsoever.