No risk if the contract provides something similar to this: An assignment of this Agreement does not release the buyer from its responsibility for performance of its duties under the Agreement unless the seller so agrees in writing.Keep buyer1 obligated to close in case buyer2 disappears.

When he was released from prison and still on probation, he wanted me to give him even more money.

Last I checked, some of these key details hadn't been released yet by Castle and Cooke.Your post has intrigued me!  

The broker with whom I work on a few project referred me to the title agency that handled all of our closings that has a "foreclosure" department.I have starte the paperwork, release etc.The title agency employee mentioned that we would set the starting bid based on everything that is owed to me and that of course I was free to bid on the property.

Usually these lenders will offer 55-65% of appraised value, with a fund controlled release on any renovation work needed to be done.

What form would I use to ensure that me releasing the rent rolls and financials are contingent on me becoming a partner in the deal?

Once the equity is cashed-out and there is just a smaller amount left, that might be the time to set up a kind of equity vesting schedule, where in return for son's services managing the property, dad releases some of his ownership over to son.

On the day I was leaving, he had me sign an agreement termination that states that I acknowledge that I am named on the lease, but also that I wish to terminate my responsibility on the agreement and release any claim to the security deposit. 

With the title company, it is entirely passive their blocking the release. 

As the LLC's balance sheet strengthens the guarantor can be dropped in a refi or release from liability.