Thanks for pointing out that important possibility -- I'll scale back my down payment strategy accordingly.Despite having driven through Sacramento a number of times, the only rental information that I'm familiar with is from browsing Craigslist listings and Zillow -- I haven't heard anything straight from the horse's mouth yet. 

While the deal itself is important, in syndications you are primarily betting "on the jockey and not the horse", so to say. 

Additionally, the seller has continually stalled on providing proof that she's paid rent.

@Matthew Stallings depending which direction you go 45 minutes outside of Madison can take you in very rural areas.

Jon makes a very good point, don't put the cart before the horse.

Now an old saying that has stuck with me from coach Bill Parcels on horse betting.

Don't want to put the cart before the horse.

If you follow the Realtor's advice (remember, he wants a sale) you need to make your offer subject to acceptable terms, otherwise you'll have a contract to buy at what ever the selkler wants to give you an backing out could cost you your down/earnest money or even a larger amount under the default provisions.You can also make the offer with better loan terms than you would actually accept and horse trade from there.

People are forced to buy homes at a lower value due to interest rate inflation.Or.. housing sits at a stall on the market and drives prices down due to higher payments.I have been through a curve like this in my 9 years.

I would stall returning any money until he can provide you with his new permanent address then inform him you will not be returning any money and will be taking him to court to collect the rent he owes.