The typica test includes a magnometer (super duper metal detector) as well as looking for signs of a tank (vent or fill pipes, cemented over holes in the foundation wall where the lines came in, etc).

What you need to do now is set screening standards and write them down (make sure they don't discriminate). your standards should include things such as credit score minimum, income requirements, occupancy maximums (you have a legal limit, but you can set a lower limit if desired), as well as some rules such as: no prior evictions, no felonies, etc.

just include inspection, appraisal, and financing contingencies...

The partnership would pay you a Guaranteed Payment for the use of your capital up to certain amount.However, the GP are not included, does not qualify, in the  new 20% deductions  that you might be entitled to.

Also, I wanted to see what are implications including for the holding cost if this is part of a Planned Unit Development community.

and has enough depth of experience to handle your exchange appropriately from start to finish including strategic consulting and protection of your funds. 

How is free (free in the sense it is included in a standard closing)? 

Saw a listing for a 3 bedroom property that appears to be in pretty rough shape, including lead based paint.

They all have different opinions, unfortunately.There have been several threads on this forum recently that discussed LLCs and asset protection in depth, including this one. 

Apparently the tenant recently had some issues with the roomate, including multiple month of non-payment of rent, so the tenant decided to "lockout" the roomate by putting the roomates items on the porch and not providing the roomate with a new set of keys.