Be sure and put these stipulations in your next lease to avoid any issues.

Why couldn't I include a stipulation that the offer is only open until the first acceptance is received by seller, i.e.

I'm very new to the real estate investing world, but that does seem like a lot of stipulations that he is guiding you into.

If that is the case usually all liabilities and contractual agreements transfer to you the new owner unless you stipulate otherwise before closing.I do not know how much money we are talking here.

Wells Fargo, Bank of America, etc. are notorious for taking applications and telling you everything is great, and then coming back with stipulations or denials that should have been mentioned long before an application was taken or credit was ran.

Certain stipulations apply in this case, you must be on qualified extended active  duty, have to move 50 miles outside of your "permanent area",   Doesn't sound like it will affect you, since you are looking to sell, but something to keep in mind in the future. 

I am going to have to read over this again, however upon first read the verbiage is intentionally very loose with the intent to derive stipulations on day only where there "are currently none".

Yes, absolutely 100% The things you should have are the tenants owning their own home, good systems and processes , a decent lot rent , stabilized , city utilities, some type of boots on the ground (manager or other ) , and a decent to good market (demand wise)For sure it can be done (with caveats and stipulations ).

If we decide either way, he will say it was our choice and whatever he stipulated previously is now a moot point....

My agent wrote in the stipulations that this money would go towards the sale at the time of purchase.