He and his wife have a high combined income, but they have some credit issues that may disqualify them for a mortgage today.

Back then, I was really young, I had no money and I had practically no credit so at that time, owning a beach place was really just a pipe dream.I found BP more by accident than by anything.

I want to clarify that I completed the form online for the LLC and obtained it and I applied for the EIN also on line and obtained that number.  

Do I work on paying that property down and using a home equity line of credit for my next property?

At the time of purchase the buyer is credited with the deposit and rent premiums, which they lose if they do not complete the purchase or are evicted for violating the lease.Do I have that right?

When it comes to refinancing, do the same rules apply to qualify as far as providing tax documentation and pay stubs ?

Did your assignment contract have a non refundable assignment fee, or was it an EM applied to the purchase contract?

My credit is also fair, so that is not good, but it is also not bad. 

Just trying to learn, will an irrevocable statement (mixing another language like an Irrevocable Standby Letter of Credit / Irrevocable SBLC) or something similar of an instrument where both parties cannot take back what is in writing UNLESS another instrument is provided before the original is due.

This way you can help them out of a bad situation and possibly help them save their credit by avoding forclosure3.