It’s always good to have a rental selection criteria up front posted that outlines your procedures and processes.

I saw a house where heavy smokers had lived for decades, and there was yellow nicotine stains on the walls - you could tell where the pictures had been hanging from the outline of disgustingness.

That entity cannot be related to the exchanger as outlined in the Internal Revenue Service regulations, or the validity of the exchange is at risk.

@Michael Nieves I would take @J Scott advice and approach them about either a new LLC or some form of document outlining all of those items.

The outline goes like this:First create the LLC in your name.Purchase and close in your nameThen use a Quitclaim Deed to change the VESTING into the LLC.  

Generally in a small claims court case the first step is the plaintiff has to file a " statement of claim" outlining what the damages are for and why etc. 

The key points of how we're setup today are outlined below and we are really trying to position ourselves so that we can go to the banks and try to establish a commercial line of credit.  

My recommendation is that you require all tenants to sign estoppels prior to closing.An estoppel is a simple document that outlines the basic lease information so that everyone is on the same page before closing:Tenant names and contact infoMove in dateMonth to month or annual lease (with expiration date if annual)Rent amountSecurity deposit held by current landlordLast month rent held by current landlordAny delinquent/missed paymentsAny other agreements between landlord and tenant (for example, the refrigerator was purchased by the tenant and is his/her property)If the seller refuses to provide this for you, and will not provide leases either, then my personal experience is that you are probably going to inherit some problem tenants after closing, and you could be leaving yourself in a difficult position - that is, having to deal with multiple evictions, or worse, unlawful detainer actions (the procedure necessary to remove a person from a property when there is no lease on record, the person is essentially a "guest" in the property).You need to decide if the deal is good enough to take on this risk. it could still be an excellent deal, you just need to be prepared for some management issues at the outset - good luck!

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And always have an extremely thorough contract that outlines exactly what is expected to be done, who is going to pay for certain materials, and when payments are to be made.