It depends on a lot of factors; primarily the local jurisdiction rules that may limit lease changes (in Portland/Oregon rent, security deposit, screening fees, an no-cause evictions are heavily regulated).

I would check this out with a seasoned securities attorney for their opinion/guidance.  

I suspect all security deposit need to go to the owner or a new PM..

You are not a borrower, you are not liable for the debt, you may need to sign the security instrument to allow the mortgage to be recorded, but this does not change the above statements.

Since the property is in Los Angeles County, I expect the eviction could take 4-6 months, followed by another month or two to secure new tenants.

I help business owners and investors raise capital usually connecting them with partners who can secure $75k-$100k at 0% interest for 12 months.

The real property investment can be repositioned if it proves disappointing in its original form; it can be refinanced or recapitalized if it has too much or too e pensive debt; inflation over time bales out many bad purchases, and finally the investors knowledge, experience and abilities can be leveraged to turn around a cash flow negative property.I’ll provide an exampleThree years ago we purchased a note from a bank secured by two auto repair facilities with a large amount of excess land.  

You have engaged and paid securities attorney and are compliant with Reg D offering 

Lock down the spot get it secured...That is exactly what we're looking for.

At first glance, it seems title just wants you to be a member-manager which hopefully is an OA modification (not public) that can be amended back later if you want to for whatever reason.