Offer to buy them a few indoor portable heaters until you find a solution. 

Most brokerages offer zero-fee referral status, so you can still do referral business.

For further context, we are trying to have him be the name on the loan because he would be able to utilize his first time home buyer loan to take advantage of the lowered offered interest rate.

Definitely follow the regulations in the area and if permissible I would offer to attempt to find an acceptable tenant and terminate their lease when that happens but in the meantime they will need to continue to pay.

Doit in good faith, thus if they offer his magical number, take it.

You have to offer a great product at a competitive price in this market.

A scenario where you intented to hold but something came up like an unsolicited offer, higher expenses forcing a sale, change in demographics etc.   

“Does anyone know of a website or resource that reviews Real Estate Syndication sponsors or offerings?

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!

I suggest submitting offers where the numbers work today.