It was his full time job for several days when he first got the property, arranging for additional remodel, hiring contractors, etc.

Kinda like being on the stand in court, answer only the question asked, the more you say the deeper you'll get.Probably the best way to structure your arrangement is by having investors contribute money as capital to the LLC if you have 3 investors they put in 1,000 each.

similar thread http://www.biggerpockets.com/forums/49/topics/78493-how-to-structure-this-private-money-arrangement

I bought from a seller who is a well-known and well-reputed landlord in the city, and I did so specifically because his property management philosophy and mine are well aligned.As soon as we closed, I sent all tenants an introductory letter with a little bit of information about myself, my contact information, and I told them I'd be following up by phone to arrange a brief in-person meeting so we each would have faces to put with names.

They get the final numbers to pay off leins and arrange to pay them.

In a seller financing arrangement, the seller essentially becomes the lender, and the buyer repays the purchase price to the seller over time, typically with slightly higher interest than with a traditional loan.Here are the key components of seller financing:Purchase Agreement: The buyer and seller agree on the terms of the sale, including the purchase price, interest rate (if any), repayment schedule, and other terms.

These are perhaps the greatest idea in lending since compound interest and there are licensed brokers who specialize in arranging them. 

You also inquire if there were any other "arrangements" or side deals with the prior management.

They are the only company who we would have an arrangement like this with and it is because we have a good working relationship and everyone understands that there is plenty of business out there for everyone.  

It's important to consider factors such as interest rates, loan terms, and the specific financial arrangement you have with your partner.