Would it be a good idea to provide a 60 day notice at the change of ownership to inform tenants of the anticipated increases when new agreements are created in two months?

If the loan can't be repaid the agent takes ownership of the property and pays the investors back in cash.  

This deed transfers ownership without regard to outstanding liens other than what an attorney would call the 'instant case' (the law suit and legal action enabling the Commissioner's deed itself), so hopefully you had a paralegal look over your work if you couldn't or don't know how to research the chain of title. 

The best way to find them is to send out mailers.Some good lists to target are Absentee Owners with Equity, Seniors with Long-time Ownership and Homeowners with Low Financial Stability Scores.You can work with a list broker to optimize your list for your area.

Here is what I look at (for Los Angeles):Rents versus Cost of Ownership: For example, condos used to be a great deal. 

Would you say the following ownership/profit split structure is fair?

Stopped paying rent after first month of ownership and had to evict them both at once, which was unplanned and financially difficult.

If you have ownership in a partnership, the partnership must file their own business return as a separate entity from you, and then send it's members a statement for their personal taxes.

It’s Kind of like pride of ownership

May be able to get you in on part ownership of the fund as a founding investor.