Did you ever get your squared away?  

You could sue for specific performance if the seller violates the contract, but as @Jay Hinrichs stated, it could be costly to get courts and lawyers involved.

For one, this isn't a criminal matter and so the police will not get involved. 

I've seen some wholesalers say that they are consistently getting deals on the MLS- their method involves making LOTS of lowball offers.

Under that structure you would be regulated by the SEC and the whole deal should be structured accordingly.If you are planning on having some level of active involvement in the operations and not completely relying on someone (The GP in this case) to manage your capital with the expectation of future financial return on your invested capital then you can go ahead and just go the "partnership" route.

Unfortunately many giving advice on here also have no idea of the risk involved in renting to certain tenants and will give the wrong advice.  

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

The amount of money involved is so little that it needs to be flagrant and egregious for AG or anyone else to take action.If you are ticked off at your property manager, change property managers.

Stay involved, stay positive and you will get to where you want to be!

In the near future, I would like to get involved with flipping properties and implementing the BRRRR strategy.