If this is a one year lease than you have to wait the remaining number of months before you can ask the tenant to leave provided they don't do anything to break the lease such as stop paying rent.

You can keep the same LLC unless you feel that the partnership with you and the new members will be conducting significantly different business than the purpose for which you set up the original LLC.If you wish me to prepare the remaining corporate documents such as partnership/operating agreement, minutes of the board or any other corporate documents, I can prepare those for you and I price them based on the type of partnership/corporation you are forming.

In my case, I'm looking to finance about 10-20 % (depending on the size) and the  seller to finance the remaining % to reach 25-30%.

The bank will be paying theHOA debt, which does remain.

I'm finally joining the forum, after listening to the podcast for months :-)I've flirted with the idea of investing in real estate for years now, but was never sure how to integrate it with how strongly I feel about remaining debt-free.

It's more helpful to just remain silent.

For me, its because its one of the last remaining ways for the little guy like myself to build real life-changing wealth without having a boatload of money to start.No other investment vehicle on the planet allows you to leverage your purchases the way real estate does.  

It would be nice if you could get them to put it in writing that if you are accepted as a rental, you are grandfathered in for as long as that unit is owned by you and remains a rental.That way, even if they change their laws, you have the use approved for as long as you want it. 

Hopefully the remaining 50% will cover everything.

I think as long as the property remains in your name and the mortgage payments are made on time, the DOS won't be tripped.