Calculate what your obligation to the monthly mortgage would be with your family living in one of the units, and if you're okay with that number then move forward. 

Hi BP family, what is the best taxation status for an LLC with 2 members, s-Corp or partnership?

@Billy Morse The tenant is protected through the term of the written lease, and then the buyer has no obligation to the tenant past the term of the written lease.

Such annual Balance Sheets, P&L Reports, Statement of Cash Flows, etc that the manager is legally obligated to provide?

A lender has no obligation to lend to you especially for investment purposes. 

Most of the corporate members of STA are STO thought leaders.

Thanks If your net positive cashflow is 2.5x your personal housing expense plus all monthly consumer debt obligations when factoring in the loan amount you are requesting, yes you can do a cash out refi as a normal fannie loan without any other income aside from rent.If you can't check that box, there are "non-qm" loans that'll do it based on the cashflow of the property itself, no DTI calculation. 

They're under no obligation and most wouldn't so you should be thankful you're getting something.

Go to the website of the Arizona Corporation Commission and do a search.While there is no guaranty the LLC is registered in Arizona, if it's an LLC that is owning income producing property in Arizona, there's a good chance it will be registered in Arizona (at least it's supposed to be registered in Arizona).http://www.azcc.gov/divisions/corporations/Looking at the site may or may not give you the information you are seeking, but it's definitely the place to start.Good luck.

After that term, I'm obligated to sell the property to the business owner.What questions do I need to ask to get more clarification on this deal?