These are professionals with additional training and a stricter code of ethics.

Ethics aside, this seems like a good way for higher cash flow, without owning/being responsible for the homes. 

Logic and economics 101 says your colleague should list the property on the MLS: more exposure almost always = higher sale price and/or better terms for the Seller.Btw, I realize it is probably in your client's best interest to buy off market, but do you carry any responsibility for acting ethically in a deal that could come in front of a judge? 

They care about a demonstrate ability to learn new skills, because that is what you'll be doing for the first year, work ethic, and interest in RE. 

I try to be ethical and moral in everything I do, but when should a landlord step in?

Could be a breach of ethics on one hand, but could also be in the best interests of their client.  

Ignoring the ethical ramifications (and likely fraud) of leaving a homestead exemption on a property you no longer live in, there is no requirement of maintaining a homestead exemption on a property under Sec 121. 

I would try to see that the GP is putting money into the deal, the market is a strong one, honest and ethical sponsor.

Our agent was very helpful, ethical and represented us to the full extent of his capacity.

There are some well intended, and ethical wholesalers out there, but the bad ones are starting to far outweigh the good ones.