The most important part is to show up.  

The deceptive part is the principal portion you are also receiving.

We have given notice to the current 3rd party management team that we are going off on our own and kicking around the idea of doing 3rd party management ourselves for other operators.

That's not what I'm asking about.A year later, on 12/16/2016, at the original maturity date of the loan, the maturity date was extended another year and a new document, entitled "ASSIGNMENT OF LEASES AND RENTS," was signed by both parties.

I too would get an extension on the escrow and my contingencies and hold off on inspection until you have green light.If the seller is getting sued and it is moving forward there is a good chance of him filing BK.If the property is directly involved that suing party may file a lis pendens and could tie you up.What are your damages if seller can not perform, you can file a lis pendens and ties it up on your end.Get title info if you can and seek counsel of attorney or be ready too.Can you close before all this pans out, maybe and if title is clear and you cover your bases might be something to consider.Or might be advisable to let it go and save yourself the headache but that is dependent on the deal itselfKeep us posted

I didn't even know if that was possible, I'm thinking the proper way to go is to flip a few, get my personal score up and then refinancing myself and paying the other parties their investment plus return then own it alone and manage it for the cash flow.

I believe in this scenario you would be the one who collects the tax breaks, since you're the one who owns the property.There is a third option, and you should make sure you don't fall into this one.

On a side note, do you ever head to the REIA meeting at Ingersoll Tap in Des Moines the third Thursday of every month?

On real estate websites, the “About Us” page is the third most-viewed page. 

Even splitting up the buckets between parties and letting everyone participate in a central property management company, or only granting income shares not capital shares, would be better.