This should be defined in the lease agreement as to how it's covered (by the tenant or landlord) and how they're switched over when turnover occurs.2) Not sure if I'm understanding correctly, but any fees paid to the property manager should be separate. 

I initially negotiated the terms of the deal through a Letter of Intent and then developed and executed a Purchase Agreement.

How the subscription agreement or paperwork you signed to do the deal would play a role in what you can and cannot do.

Also if I was cosigning I would have a separate agreement with this person to make sure I could easily take every asset they have in case this loan defaults. 

Converting debt to equity if allowed by the operating agreement is not indicative of a Ponzi Scheme.  

I do not use the lease agreements provided, I use the promulgated contract provided by my state, but it's perfect for background/credit checks, docusign, and payments. 

Quote from @Chris Seveney: @Jonathan GreeneWe have recently seen an uptick in wholesalers getting properties “under agreement“ that are upside down thinking that the lienholder will take a haircut.

I'll be starting the advertising process at the end of this month, as per the lease agreement.

We run our business with a lawyer drafted Operating Agreement.

I generally avoid wholesalers because my experience has been that they are unwilling to use a standard purchase agreement that is fair to both the buyer and seller and they do 'shady' stuff.