You have gotten some good advice on this thread, but make sure to have your lawyer review and formally write up whatever agreement you and the seller come to.

You don't have to have the atty formally respond in a letter to their claim/fines, but I'd think it'd be worth it.

Write the tenant a formal letter detailing exactly what they owe and demanding payment within 30 days.

This does act as a balloon payment although it's not formally called one.

The "cash for keys" method is to basically bribe the tenant to leave without the waiting period or formal eviction process.I used it successfully once for $300 per tenant in a house I just acquired, another time I was unsuccessful offering $2000 and had to go the route of a 60 day notice (required in my state if the tenant had lived there more than a year). 

But preparing more formal Articles of Incorporation or a Partnership Agreement or Operating Agreement - definitely legal work and something most CPAs aren't going to be licensed for.

Any formal closing process or deeded it over should have triggered a transfer stamp to get the final water bill paid before you took ownership!

To make it more formal, you can draw up a promissory note with you as the lender and your LLC as the borrower.

Either through a formal program or through trial-and-error.The problem with trial-and-error is that it can take years to figure it out, and the mistakes you make can end up being very costly in many ways...the biggest of which is wasted time.The question is if you decide to invest in training, which should you pick? 

Anyway, i work a crummy dead end job, and have no formal education after high school.