Originally, I was hoping to have the property owner hold the property while I take the agricultural property through the feasibility study and rezoning to have paper lots approved by the city I choose to annex the property into.    

Whether he chooses to respond is up to him.

If I had been talking to you before the closing I would have recommended that you choose the 2-1 buy down, which would lower your rate by 2% ($500/mo) in the first year and 1% ($250/mo) in year two.

Instead of what happens today where sellers are told they can close on a "DATE OF THEIR CHOOSING" that phrase right out of Wholesale Trainers handbook.

Your options in this case are to:Decline their application.Accept them without references and take the risk, assuming everything else about them is stellar.Require a co-signer.Require an additional security deposit if that is allowed in your specific state.The option many landlords choose is No. 2: Accept them without references, asking for an additional security deposit.

Which option will you choose, which one will be cheaper from a long-term perspective?

Where did you end up choosing?

The heirs can choose to hold their shares and receive dividends or sell them.Passive: Allows investors to trade an actively managed real estate asset for a passive investment in an Operating Company that is typically run by an institutional asset management firm.Consistent Income: Operating Partnerships can issue dividends or distributions so that the investor has cash flow.Portfolio Diversification: Enables the investor to achieve diversification across geography, industry, tenant and asset class in an Operating Partnership structure.

At this point, I’m eager to cut ties with them completely.I did interview several other PMs before choosing a new one.

You can choose to pay no origination fee, but it will come with a higher rate, which will likely cost you more in the long run.