If not, are you asking what your LEGAL obligations are to this person who has a month to month tenancy?

Is there a way to do it without visiting Michigan since I see on the website there is a notarization requirement. 

If not are there any viable and successful REITs that portfolio MHC's?

The only parties that care whether you live there or not are the lender and your insurance company. 

Is there a way we can notarize a document in which he is obliged to give me the remaining profit.

If you are dealing with an out of state owner have them sign and notarize a 'Locksmith agreement" have the locksmith come out and let you into the home once you have received the paperwork.

If I do not have all 3 fully notarized and completed cosigner agreements in our office by this Friday, February 10, 2017, we will start the eviction process as your lease is invalid."

you could have a Missouri Title company prepare a General Warranty Deed transferring the property, have them email you the document,  take to the US consulate where ever you are and sign it and have it notarized, mail it back to same title company with required filing fees and they will file it.Contacthttp://ctitle.com/http://alphatitlellc.netorhttp://www.accuratetitleco.com/All three could assist you.

Official mortgage, recorded, notarized, and everything.

I understand you are looking for the step up in basis; however, the cost and effort may not be worth it. partnerships whether they are an LLC or not are not treated in the same manner as a corporation.