Till this day he plays a "take it or leave it" game where he proposes an offer that is just another carrot on a stick and says take it or leave it, and then no matter what I comment back, the answer is "ok guess you don't want that". 

I guess one of my concerns is this. 

That's one of the concerns of my client.This is tough situation because this is my first deal.

My concern is the seasoning period.

I would be very concerned that they didn't really have the cash up front to handle the move, given that that I believe the laws in NJ are more tenant friendly if they continue to be a problem and an eviction is warranted eventually.  

I'm kind of freaking out, since I don't have time to 1, look for a different deal, or 2 hope that tenant in the unit I want to move in will go without a fight.The current property manager said the tenant has been a good tenant, and he thinks that he will leave without issue, but I'm not going to just hope that he's right, as court costs will be a lot, I will have no where to live, and the cash I'll have left over from this deal will be needed for repairs for this property to cashflow.Any suggestions??? 

Regarding your concerns about lawsuits, my opinion is that it would be sufficient to just disclose. 

Yes you can take the cash flow out as distribution, just be sure to leave enough cash for reserves. 

The amount of time it will take to evaluate the deal, find people with knowledge of the area, and consider your options with the property will leave you exhausted.

The ones who, when you leave their presence you just feel drained.