Not identical but should be pretty analogous...I have my law firm incorporated and operating as an LLC.

I'm operating slightly outside that in Vallejo, Fairfield, and Vacaville 

We are considering a turnkey operation to help us find another property.  

Hi, @Jimmy Warr.When borrowing money, I always operate under the following two assumptions.1.

You may operate your rentals in a way that qualify you to be "in business" which then allows you to deduct expenses similar to other business owners.

There is no guarantee that the next tenants will be better or get along better.Examples:Operation, Maintenance, Storage, Alterations to Premises: On a continuing basis, tenant agrees to: Keep premises in a clean, neat, and sanitary condition; no parking, storage, or accumulation of debris on lawn or yard.Not store non-operating vehicles, nor boats, RV’s, motor cycles, trailers, firearms, equipment, tools, hazardous materials, liquids, paints, fuels/oils or chemicals on premises without landlord/agent approval; no waterbeds

If your buyer is not a cash purchase and they need financing,  than you will need to be able to provide operating statements, rent roll, tax returns etc. showing a history of the property cash flowing. 

That means the home owners are not getting chattel loans but a mortgage loan because they are also either:Buying the ground directly underneath the home;or, they are buying a common interest in all the ground.Those types of loans should only be made by an experienced lender who have some type of operational agreement with the community and the management company.Resident owner communities often sound like a very good deal for the residents, but more often than not, they would have been better off if the community was owned by a for profit landlord.

Maybe this tenant will think to read the agreement and comply...I say keep the deposit for the sake of our fellow Landlords.

Draft an operating agreement with all the stipulations you each want.