If your deal can't handle vacancy that comes as a natural part of the rental cycle, then it's not a deal.

Even with the Mrs. handling the designs, it still had to be a $1million or more in that 2yr timeframe it took to finish. 

I can't even remember if we were talking a deal; I think it was a problem I had that I was really unsure of how to handle.

LLC's come with both benefits and responsibilities. 1031 exchanges must be handled "just so," or they are subject to being disallowed.

Or perhaps it might be better to keep it open to everyone and let them decide how the group forms.Is there a group I am missing that handles this area?

Why would anyone/institutions pay a property management company to handle NNN properties ?

I would suggest calling and talking to the specific loan officer/processor who is handling your loan and find out exactly what the hold up is. 

I'm looking for advise on the under rented, long term tenant situation and how to handle the fact that all of the leases are ending.  

I think you can handle an additional 5 properties easily with the amount of reserves you have to handle vacancies or CapEx.  

I have read on some of the other threads on the Lease Purchase Option and understand how the concept works, but just wanted some feedback and direction on finding the proper forms and how to handle it so that as the owner of the property, I am covered.