The reservations through them go away, as the guests have signed rental agreements with them, not you.  

Review their management agreement.

This is pretty common, you'll need to clearly outline the rules and expectations of the agreement in your operating agreement/partnership agreement.

Hello Again BP Community,I am seeking a R/E attorney to assist with reviewing my purchase and sale agreement's for my first investment opportunity. 

@James FraundorfI think it is best to have a chat with an attorney and that person to set the proper expectations into the deal.You want to make clear whether that person is a lender or a LLC member.The document that is signed will indicate what that person is.Is he signing the LLC agreement or a loan agreement?

They will try to offer this to you on the side, asking for agreements outside the lease. 

However if I was buying on one it might be in my interest to get something notarized and filed at county to ensure the seller doesn’t sell the home from under me as title will show the agreement.

To me this seems like a possible case of your PM not adhering to the terms of the management agreement.

But an attorney would provide articles of incorporation and an operating agreement along with the LLC to designate it for your tax or legal needs that are important to you.   

Hey Andrew - I am not a tax or legal expert, but on similar deals I've done to this I set up an LLC under me and my partners names with a clear operating agreement and who is entitled to what profits.