It's not that complex.It's all about cash.  2 forms:  1) Liquid, as in cash out of pocket (cost) and cash into pocket (cash flow). 

most contracts your 5k is your liquidated damages in most contracts. .. so snag that fire the agent and find another buyer if 13k is that important to you.. for sure not worth hiring an attorney for. 

This is what is pushing up rental demand for small MF properties that having lower rents, fees, or total move in costs compared to other larger commercial apartment complexes.

Not only the initial fees, but there are also liquidity requirements, i.e. $300k loan needs to show $15k liquid assets, and draws typically require you to pay contractors and obtain a lien release before you can be reimbursed for the money you paid contractor.While I know there are a lot of people who use low money down loans to get started, it is risky.  

The challenge is being liquid enough for acquisition, marketing, and closing to hold these properties for 36 months minimum.Thoughts on what is a fair partnership in this scenario?

Having milestones (or checkpoints) is needed when having larger goals to ensure you are on track and keep you motivated.

Or like your plan use it all as a down payment on a much larger property.  4.

I think working on getting liquid capital for these projects is step one for me.

Also, consider the impact on your liquidity—ensure you won’t need that cash elsewhere during the project.Off-Market Deals: These can offer better margins.

I am generally in camp "seldom sell", but in this case my vote is to liquidate.