This has to be clearly structured in the partnership agreements.  

I do wonder if the fact that they didn't pay their rent/smoked inside breaking the lease agreement if that would get me out of that though?

If the buyer received a generic info packet, which contained a copy of TDS, and the buyer reviewed generic property info packet before signing the purchase agreement. 

Without seeing the agreement, it appears he is charging you because you could cause a future conflict of interest even if you aren't actively working with him on a pending project. 

@Orkeem DavisDisclosure of your interest in the properties is absolutely a requirement when you are licensed, whether you are listing them on the MLS or selling FSBO.All of your questions should be discussed with your Broker, as the answers may depend on local rules and your business agreement with your Broker.

I100% in agreement with that statement. 

But do each person who will live in the property who's 18+ also have to sign the rental agreement?

Always Have Contractor Agreements in Writing, Don't buy the Oddball Houe on these street.

Always Have Contractor Agreements in Writing, Don't buy the Oddball Houe on these street.

The real benefit of going through an Attorney is getting their help to set up your "Operating Agreement" for you LLC.