I don't appreciate these giant real estate personalities or influencers/motivators because it's stupid and unethical for people with kids and families of limited circumstances to be told they have a good probability of owning a "thousand doors." 

We reluctantly signed a 2nd year with him because we did get all of his late payments and the property was taken care of.During the 2nd year, I let one late payment slide as a courtesy due to tenant family circumstances.

At the end of the day, everyone's circumstance is unique so it is best to speak with a professional.

Would I need a broker's license to manage this property under these circumstances?

It requires the grantor have the intention to pass title immediately, not at some point in the future if circumstances warrant. 

Another thing to keep in mind is that a structure is usually specific to an individuals own set of facts and circumstances. 

The IRS would look at the facts and circumstances.

End result if you won that property at the auction - you won't get it because the original owner has that right to redeem - regardless of what the circumstances are.  

So short of a pandemic wiping out a chunk of our local population or something else of that magnitude, there is not really much that can change these circumstances driving supply and demand.And without changing the circumstances, the results will be the same.

I only mean here that it would be likely that you could have closed with another bank even under your circumstances.