Thank you so much for your insight, and congratulations on creating a successful business. 

You could create or find a release from rental agreement form online.

Our goal is to find a duplex that is in need of repair so we can add value to create a nice ARV.

It's interesting what people will do in acts of desparation.In my experience, lenders (specifically private lenders) will do what they can to work with a borrower to avoid foreclosure, which is a costly endeavor for the lender and requires time to process, usually months and months, depending on your state.Also, while an LLC is often considered a safeguard to protect personal assets, a lender using an LLC for multiple loans may have a substantial value to their LLC, which could all be at risk.Finally, if the wrongful foreclosure suit is legitimate and based on an error by the lender themselves, an attorney could logically sue both the LLC and the individual.

The goal is to create small villages for retired seniors on a tight budget and veterans struggling to pay rent.

You will need enough funds for both the down payment and also the buyout of your partner.The only other option that I can think of is to deed the property back to you individually, and then you will need to wait 6 months, and then you can do a cash out refi into just your name.

If you are debating whether or not to use a website to create your LLC, odds are you would not benefit much from an LLC. 

It's pointless→ I want to evaluate how the property is performing NOW→ Where it COULD BE performing→ And WHAT it will take to get there.This involves (at a minimum) checking comps, creating a 5 year proforma, verifying taxes & insurance, and making assumptions about the business plan.You can't determine if a deal is a pass/go simply from NOI / Cap Rate.The art of underwriting involves finding value where others miss.If you're passing on deals just from dividing the in-place NOI by a cap rate, send those over here!

You’re making a lot on appreciation and principle pay down here, and rent appreciation will create more cashflow in a few years for you.

I’m creating the lot through subdivision and would need to be re-zoned so don’t think I can get any earlier on.