As though my phone conversation with them had never taken place.5) There was an applicant who signed the lease and was supposed to move in Nov 15th (by now).

I suppose it is a good piece of information to be aware of going into the deal.

Quote from @Alan David: Ive been waiting for adistribrution for two years,itsa supposed to come in January but Im not all that hopeful.Just a little  guy now disabled and need the funds, Alan - I am so sorry to hear about this.

Supposedly, after signing participation agreement (I haven’t seen the documents yet), you can pay it off next day and essentially just pay 100% of the first mortgage acquisition price.

There are a lot of opinions on how to do this--some say adding 50 to 200 bps to today's market cap rate, some say adding 0.1% per year, others say something else.I suppose that's a good start, but doesn't really account for much. 

Because your statements are extremely misleading (unintentionally I suppose).

This was done to protect senior citizens on fixed incomes from being forced to sell their homes due to unaffordable property tax increases.Since the passing of this amendment, all properties in Michigan have two property tax values associated with them:State Equalized Value (SEV): supposedly equal to 50% of the market value of a property, not based on recent sales price.Taxable Value: the SEV annually capped as long as there is not a transfer of ownership.City Assessors are charged with determining how much property values have changed each year.

For example, the 2nd to last photo of a random wall and floor with part of open door; what is that supposed to be telling?

Never hurts to have options, I suppose?   

This is a tool that is supposed to achieve a competitive advantage in the marketplace, which will allow you to outperform the competition.Thus, if you are OK with me being nice, I'll repeat myself and tell the newbie OP that I think your tool is fine to use and learn from.