I only ask because that is, in my opinion, the most challenging part.  

@Anthony VaganosI haven't checked this in a long time.

It sounds like the Seller does not want to commit until he knows the deal will go through, and until that time, he wants to be able to entertain other offers. 

Because this property is located in midtown historic district of Sacramento, we feel there may be market for both MTR and STR, but first thing is we will target LTR and let 3 or 4 units filled in.When we first start developing this apartment from ground up, it was intended to flip and move on to the next project, with timing and interest rate etc.. we deiced to keep it as a cash cow for a while and see how things go.  

Up until November, actively licensed VRD (Vacation Rental Dwellings) could transfer one time to the new owner.

I am considering working with a property developer in NJ to buy land, build a duplex/triplex and sell it (6-9 month time horizon).  

As I've learned from my experience, it's essential to consider this timeframe when planning and executing syndication deals.By carefully analyzing the real estate cycle and market trends, we can strategically time our investments for maximum gains.

Over time I have amassed a good quantity of houses with no mortgages.

In this instance what I would do is get the deed in lieu from the borrower so you ahve the property again and get a note from them but have an attorney draft it to see if you can include a confession of judgment - meaning if they do not pay then you can get a quick judgment and possibly garnish wages.I would also have them put a small down payment as part of the note and only accept a check that way if you ever did garnish you have a copy of a check so you know where they bank.unfortunately you are right they can stop paying on the note and its unsecured so its a risk but out of all the options this is your best option.

I understand this is a good way to become financially secure over time and am eager to start.