@Tony Marcelle It depends on your state landlord laws, but typically any lease in place carries over to the new owner. 

Does a "Manager" carry out day-to-day at her discretion, but other partners vote on "major decisions" (such as a sale)?

Seller will carry for 5 years at 7.75% with $6000 down. 3/1.

Carry 2-3 sets of everything and make sure it's all made with an easy to clean material (sheets, pillows, wine, toilet paper, water bottles, shower curtains, window curtains, garbage bags, shampoo, coffee, ect). 

One thing evident is the circa 1970s 1050 sf 1 bath has a finite value it carries.

Does a "Manager" carry out day-to-day at her discretion, but other partners vote on "major decisions" (such as a sale)? 

Leaving aside the wear and tear argument, how many short term renters carry furniture with them? 

Or work out other deal that does work with relative, like carrying note on it or something else.

The requirement to carry over the basis is only the value of the sale. 

Some will build in the interest carry (let it accrue) some will want it paid.