Luckily I had good enough business credit that they allowed me to proceed. 

The seller/family would also be debited from their proceeds for the seller closing cost credit to allow you potentially no cash out of pocket as well to close.It sounds like this will be a nice capital gain play if you are looking to equity bank it using the IRC 121 primary residence exemption as well. 

1) The insane to himself is a genius while to others insane... you can also reverse that one.2) Intelligence is defined as acknowledging how little one really knows.When you may not understand the hows and whys of someone else is when you really have to proceed with caution.

Would I try to contact bank to let them know that we are interested in buying the home and to please delay any foreclosure proceedings for 30 days? 

Or should we lower the price for the buyer and the seller has to pay for the liens out of the proceeds?

Because if there is a mortgage than that'll also come out of proceeds... 

2) Will the entity hold capital assets that will appreciate in value3) Do you want to allocate income/loss in a fashion outside of the capital contribution percentages4) The amount of income generated by the business5) etcThis is something you want to consult with your accountant/adviser before proceeding.

If you can't find them and they left all or most of their belongings, then proceed with eviction.

Assuming it is legal to “have tenants pay some somewhat arbitrary % of the total electric”.....send him his Non Renewal notice and let him know eviction proceedings will occur at whatever the earliest legal date is. 

I'd proceed carefully here as we are trending into the 'too good to be true' territory.