Again, I think we're in agreement just with different ideas! 

Also make sure you understand the difference between a partial and a hypothecation.What I mean is typically with a partial you are buying a stream of payments from a note holder (an A piece call it) and are responsible for managing the loan, paying servicing fees and if it goes bad, the agreement will indicate next steps.A hypothecation is when the note seller hypothecates the loan and typically will pay you (not the borrower) and they are responsible for managing the loan and paying servicing fees. 

You said your agreement was to benefit based on monetary contribution.

I have some draft Operating Agreement language that I think addresses your points on equity retention and adding a third party.

There is nothing in our contractual agreement that acknowledges this type of arrangement. 2.

Second home occupancy loans cannot be leased nor subject to a property management agreement.

It could terminate your agreement with section 8.

They may require a lease agreement.

If you have a specific term contract with the PM with no early termination clause, then it would be a breach of contract to terminate early without good cause (i.e. the PM materially violated the agreement).

Read your loan sale agreement.