All state laws are different and there a Lot of variables and procedures you’d have no clue about.

Partnerships can get messy quickly without a written agreement upfront (detailing procedures when extra capital is needed, distributions for any tax due, etc).

"Bad tenant" is a pretty low bar, following the agreed upon procedure to break a lease early isn't that big of a problem.Be aware of the facts of your situation and don't sit on the sideline just because of a lease.

It will minimize a chance that you would lose money on this deal and/or ruin your friendship.Here is an incomplete list of what you will need, and most of that requires an attorney's help:write a strong operational agreement for your LLC, covering numerous what-ifstransfer the ownership to the LLC, either with a deed or with one of the alternative methodsconvert the responsibility for the loan from him to jointarrange that your insurance will accommodate the ownership changeestablish operating procedures, including resolving decision deadlocksset up a solid bookkeeping systemI cannot tell how experienced you guys are with flipping, but a warning is due: over 95% of first-time flips lose money.

@Shaun R. here is what you are looking for:https://www.brla.gov/DocumentCenter/View/3894/Eviction-Procedure-Guidelines-PDF

There's usually a procedure to handling abandoned items or it can come back to bite you.And I could be wrong, but I doubt the tenants would do any further damage than already done in an extra 15 days.

College students can be very lucrative but you have to reall think through the process and develop policies and procedures that work for this niche.

Question: is this standard procedure or are we being "helped out" by the current property manager and selling agent? 

I take the Balou approach from the original Disney movie "Jungle book" "if you act like that bee acts, uuh, uuh, you're working too hard".Set up your Systems & Procedures, Analyze your market, put together a marketing plan, work your market, close the business and RepeatFire away with your questions or PM me.

The entire premise is based on the simple fact that a little effort concentrated on one particular area such as people coming together and helping each other out can significantly affect the rest of the market and the rest of the other people which helps with prices which helps with attitudes which helps with other places to go despite the crime despite the drugs despite the gangs and the turf wars there is hope and there is an answer that would allow everyone to thrive when this opportunity cost type of procedure is implemented.