From my understanding, the deed does not actually transfer to my name until the entire balance is paid.

And how do I ensure that he will take his time and do things properly in a "workman like" manner?

Pros:Strong cash flowMajor affordable housing shortage in the countryBarrier to entry - zoning prohibits new parksPride of ownership - the residents own the homeLower operating costs - the residents own the homeLower touch - the residents own the homeSticky residents - costly to move a homeEasy to raise rents - costly to move a homeRecession resistant asset class - affordable rentLarge private equity funds are entering the space - drive prices upMom & pop ownership - opportunities to improve NOI and valueLower entry cost per door - less capital neededCons:Not sexy - smaller resale pool (but that's changing)Stigma - some counties try to stop operations (poorly operated parks, criminal activity)Stigma - some people don't want to live in oneLower credit quality residentLess appreciation potential, unless forcedNiche investment - helps to have scale to properly operateMany banks don't understand it - tougher to financeOlder assets in many cases

Aside from having the option properly prepared, you'll only need an attorney or title company if and when the tenant exercises the option. 

The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.I hope this basic guide helps.

You could "unwind" the transaction and have the foreclosing bank do it properly.

These apps can then be integrated with QBO to ensure all expense receipts are accounted for and the proper journal entries posted.I would also recommend trying to set up your bank accounts in a way that prevents you from running business expenses through your personal accounts.

This is my first BRRR and would like to hear from experienced investors the proper way to handle the financing and title work for the property.I am buying this with a partner, who is a family member and in the LLC with me. 

If they are not out on time as agreed begin the process to evict, make sure you inform them it will be on their record.As far as the deposit is concerned you can charge for any material used to repair or bring back th eproperty to a proper appearance based on waht you know they did in regards to damage.

It is an asset protection vehicle if managed properly.