That was too big an acknowledgment that they had failed. 

Although, from my limited understanding, this theory of long-term cycles sounds appealing, it is prudent to acknowledge and understand the limitations of any attempt to oversimplify something as complex as the economy with such models. 

I believe most important step in finding good tenants is the "qualification acknowledgment" form. 

I'm on board with his overall vision, however both he and I acknowledged that this will take much longer to pay off the unreturned capital.My potential options are:-40/60 split, 8% pref, and hypothetically pay off the unreturned capital in 7+ years using only cashflow.or-Straight equity split, unsure of what a fair equity split would be. 

Acknowledge his concerns (which are real)...and focus on what's in it for him.

Transparency would have shown that they are confident in their pricing, but also acknowledge the reality that someone else may have a different opinion (and the bank is going to listen to the appraiser!).  

What I’m looking for:1) Someone who answers emails within 24 hrs. 2) If you don’t know the answer acknowledge the email and tell me when you will get back to me. 3) Get back to me when you said you would. 4) Don’t dump problems in my lap. 5) Make a recommendation on what should be done based on policy/procedure.

And No need to duck in  a bomb shelter,, I acknowledge that contract flipping is part of the daily scene and I am not going to stop it nor am I the license police. 

The only reason why I ask is you have to take them to court, you can show that the tenants acknowledge that it was in perfect condition when they moved in.  

It did not show contingent until Monday.Also, in my State it is illegal to not present an offer and on the contract there is a required signature by the seller to acknowledge that they received the offer and that they have rejected it.