Fast forward 3 days later and we still don't have official application or signed lease, but they have sent us an email with extensive questions regarding the lease that have raised the last red flag (including a lot of quotes regarding state laws).

Signed all the papers, etc... they ask, "who's on the Title?"

If not the next easiest option would be to get a parent or someone else to co sign the loan.If neither of those options are possible I’d recommend putting this on hold until you graduate

I’m glad I did not sell last year, as the prices still went up and there is no signs of slowing down.

If you were an agent, I would say "Let her know it's true value, then have her sign a listing agreement and put a sign in the yard for what she wants.

Seller must provide an up-to-date lease agreement of every tenant (no month to month or handshake agreement)Seller must provide last 12 months of rent rolls (showing that every tenant is paying on time/no deadbeat tenant)If there is a security deposit, it needs to be signed over to the buyer at closing (so that the renter isn't required to pay another security deposit to start a lease with you)Is there a Property Management in place?

I have stressed to them the importance of ensuring we have a great JV contract signed by each of us before we move forward.

Both parties should review and sign and this creates the baseline conditions. 

And do we have to flow the on paper losses to all the members, or can we select the members the losses flow to?

Do not be in a rush to sign a tenant.