There's still the risk that the tank will need more than their deposit will cover and they'll disappear but I guess that's always the risk with tenants.

Remember that when the market pops you will be able to find many more cheaper rentals as 50% of today's investors will disappear just like in 2008.

Sounds like a reasonable process to get rid of it, hopefully the guy just disappears and leaves you with the bike after filing for the new title... then you can throw it on Craigslist and get some money for damages out of it. 

It was very abrupt and almost like he was worried I was going to call the cops on him or something.

This could help weed out any of the unscrupulous folks who could easily disappear into the woodwork if a problem arises.

Somehow the "not" disappeared. 

They agree before they sign the lease, and that's how it's written.If it's made out to all parties, and one disappears....presumably the others can't cash the check without their signature.

Once a tenant disappears and breaches, wouldn't the landlord need to avoid a "self-help" eviction and follow a legal eviction regardless of the whys?   

My first PM was completely negligent and alot of stuff from the house disappeared when the tenants moved out - really need to take him to small claims court (the PM) and recoup my losses, but I'm in CA . . so  kinda hard. 

I'd much rather have them give me notice and leave after being there six months than to just disappear.