And if so, do I need to do that formally or just start looking for someone else?

And form an LLC when lawyer prepares formal contract.what other terms to be included?  

You get the former when you commission and engage a lawyer to offer his/her opinion in the form of a formal opinion letter.

I have been lurking and participating in the forums for a few weeks now and thought maybe I should come and formally introduce myself.

I thought now would be a good time to put the business plan In my head into writing, start a LLC, make my formal letter head and build a relationship with a realtor in my target market.

@Thomas Kambadzi- thanks - 1)  make sure you are  aware and understand the financing options  differences  for  1-4 unit properties  ( considered  residential ) and  for a  5 unit  property ( considered more of a commercial loan )....2)  if you decide to buy and need financing - make sure you get a formal pre approval in place as  a first step - good luck

I would recommend getting formally  pre approved for whatever scenario you are  wanting to persue ....this free process will get you organized / educated and  prepared to  react  whena nd if you locate a  property to make an offer on 

Once you inherit them, you can chose to give them a formal lease, or keep them mtm. 

I believe there is a formal letter from his attorney wry to another landlord complaining of exactly the same problems on yelp.

There's no law saying we can't run credit, calculate ratios, collect paystubs, make assumptions about gross rent of new property, etc, before you formally "apply" for a mortgage.