It looks like a win for you.

But if it was an exclusive right to sell, the Realtor has a few tools available.He can sue the seller for damages and will most likely win.  

Your realtor will simply present you a qualified file (good credit, proof of income, landlord references, etc.) and you'll say yes or no and then it's just sign the lease and give them keys.

Regarding the remaining partner's partnership, putting very simply. 

The previous landlord, simply wasn't one.

With an updated appraisal it might be tough to win an IRS argument though if you were to use the assesment, if the IRS sees an advantage to using the most recent appraisal.I'm a huge fan of the 2500 de minimus it gets you the deduction today AND when you do to sell the asset is not covered under Section 1245 recovery.

I've also seen a buyer offering a short term lease back to the current owners win in a multiple offer situation.

If they're firm on the price, this could result in an upside down first deal for you with numbers that tight - simply not enough room for "uh-oh's" or "we better fix that" scenarios. 

@Ronald Rohde I don't see how that can't be a win-win deal?

My wife and I have been landlords for 16 years and now have three properties simply because we just converted our homes to rentals each time we moved.