I'm trying to figure out, if it is truly bank owned, why is there a third party attached to it?

I mean seriously, they'll bend you over.Don't just think property price is an indicator of C or D, literally go drive the neighborhoods your interested in, Friday night, party night, gets you a good feel for a neighborhood.If the neighborhood is having a party, that's a war zone.

I have seen parties use this before as a bargaining chip to get their attorneys fees paid before they agree to release the earnest money to the other party.This is why you want language that says contractually if that party is due the earnest money for a breach of contract then the holding escrow company can release the earnest money to the non-breaching party without the breaching parties consent or approval.No legal advice given. 

Many people don't realize all of the great third party apps that integrate with Quickbooks to make record keeping and tracking more convenient.

Insurance, contractual agreements between all parties stating all details, hold harmless agreements and make sure the agreement covers the worse case.

Here are a couple of links, best wishes:http://www.facebook.com/thecashflowpartyhttp://www.meetup.com/The-Cash-Flow-Party-Dallas/

If so, maybe take out the additional equity and purchase another rental property or other investments (no parties allowed, lol).  

I help my business partner run his property management company, ERS Management, in town, and we are actively managing about 750 units for approximately 75 local, national, and international investors and are rapidly expanding.I always love to chew real estate and help people find investments that can benefit both parties.  

Toughest part is finding one you're willing to live in that still cashflows. 

I believe I have something that could benefit both parties, but I want to hear from the community.