Most limited partners won't be happy with that arrangement as they effectively lose their limited partner status from a risk perspective but maintain it from a governance perspective.

You may lose a deal or "miss out" on a specific deal but there are hundreds of deals just like that one you "missed".Relax, enjoy the ride, and start focusing on what you want out of real estate then take the steps to achieve that.

Going into a deal with an experienced multi family syndicator will increase your chances of being successful (make money) as opposed to the opposite (losing money).  

However if I go hard money, I can refi my existing property sooner, pull the cash in less than 30 days in time to cover the 25% for the 5th deal (the other 75% will be  a different PML).That said, should I wait to get approved on the conventional and risk losing this other deal or go hard money, get the 5th deal and deal with the higher interest on the hard money? 

Do not hold the unit for anybody...... if they want it that bad they are going to have to sign the lease, pay the deposit, first month rent etc etc etc, and just have to suck it up having 2 places rented at the same timeOnly other option, is a non-refundable deposit of one months rent.... so when they bail at the last minute, you aren't out that months rent.....Otherwise....no way...... why would you want to lose $$ to hold it for someone that has zero commitment to actually following up on their end of the deal?

My lease is also the same, but the tenants lose all patience and become godzillas in TX heat.

But anyways, I wanted to ask if someone had a list of recommended contingencies to put on their offer so it is easy to get out of the deal or re-negotiate the price if the condition, income or repairs are worse than the pictures or details provided and avoid losing earnest and option $$. 

But anyways, I wanted to ask if someone had a list of recommended contingencies to put on their offer so it is easy to get out of the deal or re-negotiate the price if the condition, income or repairs are worse than the pictures or details provided and avoid losing earnest and option $$.

Now because we're possibly going to lose this deal to a cash buyer, would there be a problem with me offering cash to close in 10 days and turning around and selling it to my buyer?

I would pretty much immediately raise the rent even with the risk of losing that tennant.