That's awesome and gives you lots of flesibility to take on a little debt or stay with cash investing or do a hybrid and buy some assets for cash to protect yourself. 

The 2nd idea about about threatening my debtors with non-payment is a bit ballsie lol, but I worry that they might see my income and call my bluff.

Should I reach out to my network of smaller (relatively speaking) amounts that would want to be partners debt or equity or both?

They will continue their collection methods post closing on the debtor.

20,000 income, 10,000 debt? Or

We will pay them interest on the $12M and a 5% share of net profit.Will the sellers lender allow us to assume the debt, or for the sellers to keep the debt in their name while we operate the community? 

From the few co-workers i spoke with they paid off debt, or are holding onto it in case of a housing dip. 

@Todd NagelAs many others suggested, consult with an attorney prior to making any decisions.Also, decide whether you want your offering to be debt or equity investment or a combination of both. 

Do you have any consumer debt or loans that you are still paying on?

with that said, quit claiming deeds while still maintaining the debt in the original debtors name is not uncommon.