Make sure to get legal advice on what you can and can’t do for bill back and what kind of notice period is required in your state. 

I know some might disagree.The challenge is if someone applies and meets all your criteria and you reject them, I would hate for you to end up in some legal hot water.

They could make legal arguments about hardship and/or off-sets for non-compliance by landlord, but this would require posting rent or coming even with rent.

Plus there's sports there to continue to boost the area.

Is there any legal action one can take or is it just a lost cause?

I remember once I was in a nice area of ATL at a closing and the attornies office was hot I asked whats up he said his two condenser got stolen that night LOL.. its a very active sport out East of the rockies we just dont hear of this on the west coast..

Most of the PM work is done on the first 3 months of the management, then we can recoup our expenses. 2. this Is legally required.

Hello Doug, I am not a real estate attorney nor is this legal advice.Unless someone's state has specific laws banning contract assignments you should be fine doing the following.  

Purchasing the LLC gives you ownership of the property, but it also opens you up to additional legal exposure since the entity has been active, and there is no way to really know for sure what else they used the LLC for.

Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.