Any thoughts/input appreciated. 3) Any input or advice on our deal and how to keep risk minimized, and everyone happy would be appreciated. 

Of course, you will be risking not getting paid.You also want to calculate your gain carefully.

I would ask the lender, but probably not most lenders want you to have skin in the game, even the seller takes on a lot of risk if you don't pay, because they would not be first loan position. 

I didn't consider all the risk there.

This can work out for you but your risk is in buying the correct property with good mechanicals and modest deferred maintenance. 

However,  some of them  -not all-  push products many investors don't need and fail to explain the real risks they will be facing. 

If you're going to provide low income housing, you know the risks associated.

There's a ton of risk with those number if you use a lot of leverage, and on the other side if you pay all cash the risk is less but the return is pitiful.Markets are on a tear right now. 

Wait until you have a couple of properties.You need a purchase & sale agreement, a disclosure telling the seller the risks and a written authorization from the seller to you, to allow you to talk to their bank.

All depends on the amount of risk you are willing to take on.