Two months post-closing, I need to buy him out as I’d rather not attempt to quit claim to an LLC and put the time into documenting a structured partnership with an attorney.

There are plenty of old homes that have already been gutted and updated, if you attempt a big job you WILL run into expensive surprises. 

I was wondering if anyone else has attempted to do this and if ya'll had any success.

I know that due to my busy schedule, work, and family, I have let time pass and I should have put more effort into this but now it seems like when the payments stopped, the LLC was already selling all holdings and closing bank accounts associated with this LLC to attempt to get funds to repay other investors (so I am not alone). 

@Sara Peak, What your attempting to do is a great form of risk mitigation. 

If nothing found after 3 attempts, that's all they can really do unless you want to start paying them for additional attempts.Telling you that you have to accept whatever tenant they want is probably their policy - which they have a right to, but then you also have the right to terminate them.

You could attempt a lower amount ($200-225k) just off campus and try to get student rentals but might be a gamble.

Sorry for the repost but my post was deleted due a website monitor stating I was attempting to sell something. 

As for the laundry, it doesn't hurt to give it an attempt to have the current seller request this to be re-negotiated (maybe for a small fee) and remove this contract between them.

@Kevin Zolea We were attempting to go FHA, but due to it being a duplex they would have needed a substantially larger downpayment so we had to switch over to a conventional loan.