Don’t lose sight of the long-term by focusing too much on the short-term tenant issue. 

If you try a one month lease they can argue that they are only tenants at will and then you lose almost all your rights.

I personally wouldn't attend it, but if you can just do the day or two class and not give into temptation to pay for the "full course" than I guess you really have nothing to lose.

I've been trying to find all the literature and bigger pockets articles to help me with this new ventures.

You'd be paying twice.From a legal perspective, you're talking about a JV (Joint venture), which is a legal document (3-7 pages), similar to an LLC but specific to one project/flip/property.

Doing business with friends is often a good way to lose friends! 

That happened in the crash because EVERYONE was short selling and banks were losing their butts. 

If they are losing it anyway then a short sale would save their credit a little bit verses a foreclosure on their record.

You'd have responsibility of it.But if you wanted to play hardball I guess you could claim it's outside the scope, but I think if it went to court you'd lose based on inspection and other work items..You could always try to ask what kind of resolution the tenant is seeking and then maybe come to a compromise.

When we saw units that were going for 215K in mid 2007 and selling for 75K in late 2008, we just said we can't lose with that and took the dive.