Investing in as a LP vs being a GP involves so many other factors. 

You should get a lawyer involved to draft the contract and owner finance terms.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

There is the bank and probate involved so it will take a long while to sort through and will likely bypass more common abandoned house measures like short sale and courthouse steps auction as they wade through it all.

Perhaps you can even get your kids involved in the rehab process.

I believe you've gotten overly involved already. 

The option agreement is what gives one the option to buy the home without being obligated to purchasing it3- more involved process than simply signing a lease or a purchase agreementIf your main objective is to prevent breaking a lease, finding a property with "month to month" leasing may be your best bet. 

I purchased the property over a year ago at a Sheriff sale. I am now in escrow and the new title company which by the way resides in a different county is stating that the publication of seal performed by the law firm...

Sounds like your going through the right motions getting your attorney involved in drafting the lease. 

Having multiple LLCs is not likely a red flag, nor is the realtor being involved in the deal.