This would not necessarily be the case, or the spread could go the other way, though such motive could present one reason for conversion.I am not even sure if rent control gets eliminated through a possible condo conversion in most towns in Hudson County - West New York, for  base condominium rent > $1000, is one exception, it seems valuable to determine the others.

Keep that in mind:)Regarding partnering, have tried it several times and most times it ends with a split.So, if you go forward with partnership, recommend making sure you both agree in writing, on how a split would work.Otherwise, you an both share everything you leanr and help each other out monetarily as needed.

Is it segregated (only my funds in the account)- do you have an attorney on staff that reviews exchange docs and keeps them current - what is the typical time for your staff to complete an exchange ( you want to get a feel for if they are understaffed and can they get the work done on your time frame)- how many exchanges do you do a month- what is your errors and omissions insurance through, can I get a copy- what is the amount of your fidelity bond - for each occurrence- what protections are in place to prevent wire fraud- will my funds be used by the company for outside investments (goes back to the type of account funds are held in)- who will be my contact during the exchange (goes to customer service, you want one contact who you can reach by telephone)Investors should keep in mind that it is their money they are placing with a QI to hold for a short period of time and be sure they feel comfortable with the company they choose to perform this role. 

Mind if I DM you the property to get your opinion?

All that said, and to answer your question, I think a guaranteed check for 66% of the rent offers some peace of mind and limits potential loss. 

A couple of things to keep in mind: you mentioned PadSplit.

From there you can cultivate the relationship by email / calling them to stay top of mind for future leads. 

Personally I have not had much luck with seller financing when there are agents involved - most don’t understand it and think it just makes the deal more complicated.Did you check with your bank to see if they will mind you having a second loan on the property?

Keep in mind, the region is immensely sought after, leading to notably low capitalization rates.Positive cash flow from a rental property becomes challenging; however, there remains potential for substantial returns through appreciation.

Looking to connect with like-minded individuals on this platform, or those who have gone before me and can share their Dos and Don'ts from their own experience.