Here's something to consider (or at least be aware of):Hoarding Officially Recognized as Mental DisorderBad News for Landlords, Hoarding is Now Recognized as a Mental DisorderI'll be sure my lawyer doesn't mention the word; hoard, or any variation of the word hoard when I evict dirty people for being dirty. 

Do we need a state recognized entity/partnership, or can we just have a lawyer draw up an agreement outlining the above?  

I am not a lawyer, but I'd be surprised if a court would make your seller sell. 

@James Wise, I'm not a lawyer, but my interpretation of the law you just quoted has two key words "for another".  

I'd say that's an accomplishment...Late rents for years is why i am letting them go and breaking the lease--bringing pets then claiming they are hearing dogs and getting non-profit lawyers to vouch for them...and the rent is below market...that s why i am letting them go and they take advantage of the fact that i never collected late fees for rentals..they trash the hallway and have like 4 grills in the back yard/..they caused a fire and dont want to pay for repairs...im taking them to small claims...time for a different set of people LOL

I did not do that so I cannot tell you all that is involved there.To setup a Nevada LLC to do business in Nevada, there are some fixed and variable costs.Fixed costs (as stated by the Nevada Secretary of State):1)  $75 filing fee2)  $200 state business license (which you will need, even if you are only 1 person)3)  $150 filing fee for List of Managers4)  I believe you also have to pay for a registered agent, but my lawyer handled thisVariable costs:The preparation of the following documents, which you could do yourself for free, or cross your fingers and use a template from the internet.  

I feel pretty clueless as to what to do, I had lawyers open the LLCs and I don't feel I was very well educated on how to run the entity.  

This is not a skill I currently possess and have no idea how to get started, what to look for, what I need on the back-end (lawyers, contractors, etc), and I don't know what I don't know, so I literally have no idea what I'm doing.

I checked the archives, but not able to find exactly what I needed.I'm trying to get my 1st property under contract, so I'm hoping someone may be able to assist me or point me in the right direction.I've also read that REA's and Lawyers can draft an purchase agreement specific to your needs.......is this a better approach?

Definitely consult with your lawyer to figure  out all the options you have available.