.- The TL states that those are technically the team's leads and I will owe the 20% if they convert within the year since I was given training (which I was not), lender referal (which was forced on me by the TL even though I work with my own lenders for my clients).Is the above statement true/legal/valid?

Looks like the founders are trying to raise funds for their legal fees. http://www.gofundme.com/nwaclubLegit or not, I've deciding to pass on it. 

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

Most are fine with that, but a few will have problems with it and claim there are legal issues, etc..

Obviously this may vary by market but we would not accept partial payments as it does make things more challenging legally if you need to evict them.

I am in PA and yes, it is legal to charge late fees to your tenant regardless of Section 8 subsidies or not, provided the tenant's lease allows for them.

Even so, they were able to help at times when I had technical questions about the legal process.

Similar areas that have legal under utilized permitted space convert to max studios that you can fit.  

NJ is very tenant friendly state on the legal side.

Weeks later, it was communicated to us that the underwriter wouldn’t accept the ones signed by only one of us – legally binding for LLCs – and required we send amended copies of leases signed by both of us.