Sounds to me as if they will reject that bid on their own at 121,500 or else why would they bother to lower the list price? 

Money market accounts don't yield enough to be worth bothering with, IMO.

They don't get ownership outright for 3-5 years, but if that bothers them, they can buy you out legitimately right now and get you out of the mortgage.

If not it really wouldn't bother me and I'd let it run it's course.

They may or may not bother to pay the taxes.

They usually wont even bother with the first letter.

If the tenant holds up their end of the agreement (pays rent, doesn't bother anyone, doesn't destroy the place) we'll get along fine.

I will assume you have not been a landlord very long and have not bothered to read/learn your state landlord tenant regulations.You own the property, you have not only the right but the obligation to maintain it.

I have put them into my 9 unit apartment building in the Chicago west suburbs, but I doubt I would bother putting them in a duplex type situation. 

I spoke with an investor and he mentioned that he was bothered by the fact that his agent insisted that he go to the agent's office to sign a buyers agreement which lead to the deal falling through because of time constraints.