He's efficient and personable and is very able to assist you with questions if needed.Hope to discuss this with you further,

Take into consideration that when the person you gifted the property to will have special tax considerations as well 

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

Personally, I would hang on to the cash.  

I would network in person or in FB groups. 2-3 months to close is crazy.

If the IRS has a Form 1098, they assume that the person listed on the form made the payments, and they move on. 

I bought this property with a private interest free loan from a friend. the person i bought it from need cash fast so i offered them a low cash offer and they accepted.I had enough money saved up to rehab the house with my savings.

I borrowed $30k on a personal loan from Discover for 15% with no fees for a plot of land and paid "cash" for it.

The question is mostly a personal financial planning question and it depends on your preference and what balance of risk and access you'd like and would be comfortable with.

Yes I have known it to work because the owner is not a push over, enforces policy and can make it run good......however, do you have the right personality to do this, AND if you move out can you continue to have the house run smoothly with no one in charge.