If so, how SHOULD the purchaser be documented?

To date, neither tenant has signed one after multiple attempts and leaving documents in their mailboxes.Now comes the fun stuff.

Buyers will need a neighborhood specialist, inspector, document preparer/legal services, negotiator, and a financial professional.  

We'll literally sit down with them while signing the lease documents and talk about their specific financial situation. 

Could you post or link to that document?

see: http://economistsoutlook.blogs.realtor.org/2014/10/03/sales-to-investors-decline-in-most-states-in-august-2014/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+EconomistsOutlook+%28Economists%...

They generally have a csv excel list you can just merge with a word document and pump out some personalized letters. http://www.agentlinkus.com/content/reo-bpo-signup-...It is always a good idea to apply and start completing BPO's when aspiring to be an REO Agent.  

Now single tenants charges above market per sq ft lease rates and if it goes dark likely your second generational tenant will not pay those rates.So if you buy at a 6 cap to 6.5% based on say a 35 sq ft rate for a good area and they go dark and it drops down to 25 sq ft for the second tenant going in you now have a crappy cap rate lower than your debt interest rate.Now if you have a corporate Steak N Shake there is more security as it doesn't matter if the store is losing money all the corporate stores prop it up guaranteed by the lease versus a small franchisee that takes a bath after one to two years of opening.I have decades of restaurant experience and after reviewing the FDD ( franchise disclosure documents) a few things became clear.

Details seemed odd to me and decided to bring this area of lending or borrowing up for some discussion.THE REAL SECRETS IN LENDING:There are none as to the functions, documents, processing, underwriting, settlements, administration or collections nor to any legal aspects.

I would first have your loan run through DU or LP to find out what the findings state for documentation requirements.