I would just tell them that it is not your responsibility to get involved in their disputes with each other and with neighbors.

If a dispute arises the court will specifically look at the lease agreement/contract and determine liability based solely on that document.  

What is the turn around time for maintenance request resolution. - Have you ever dealt with an adverse situation like property damage, fire or criminal activity on the property.

PM assured me that all these repairs would come out of the security deposit and would not be disputed since there was no move-in checklist from the tenant.5.

If you end up in a dispute, you don't own any assets together and it will be easier to go your separate ways.In regards to your informal partnership, MAKE IT FORMAL!!!!!!!

I provided a link below. http://docs.legis.wisconsin.gov/statutes/statutes/...The statute is vague enough that there is dispute about whether the owner of the property must be licensed to sell more than 5 in a year, or whether the owner must use a licensed broker to sell more than 5 in a year.  

In the event of a dispute, your terms will offer you important protections.

With a multi-member LLC what you are actually looking to have prepared (in addition to a proper operating agreement -- and not necessarily the Manager-Managed variety) is an LLC Resolution, to be signed by all Members, which authorizes X person to sign agreements, loan docs, closing docs, etc.

and tactically speaking whether or not you would win any legal dispute is perhaps less important than do you have the ability to disrupt the sale?

That will keep you out of trouble when it comes to a dispute later on should one arise.