Personally, I would be hesitant to jump into a deal when the existing partners are cash-strapped.

You contract with the seller should spell out exactly what the risk are for him; further, you should not do this deal unless (1) the seller utilizes the services of an attorney to advise him (2) you have the cash or credit capacity to payoff or refinance the loan if it is accelerated due to the due on sale clause and (3) proper safeguards by way of third party servicer, escrow, legal documentation, are adhered to.It seems you may have a big winner; however, it’s just these that lead to lawsuits if not handled properly.   

This also leads owners to ASSUME simpler is better when it comes to management contracts.

Or just talk contract? 

I'm not a lawyer, and I'm not in your state, so take this with a grain of salt but-If "accepted an offer" means that you signed a legally binding contract that doesn't provide you with an out, then the short answer is no, you cannot legally cancel the sale. 

Regular reconciliation of accounts and maintaining a clear separation between personal and business finances is crucial.

Contracts with large builders are certainly 100% in favor of the builder at the detriment to the buyer....but thats the case with all of them. 

I am now approaching 115+ days since assignment on my first 3 deals and because I am in NYS, my attorney tells me that I cannot even speak to buyer’s or seller’s attorneys due to “breach of contract”.I lost my first deal in fact because we were hindering on 130 days since assignment (should have been long closed) and the city decided to demo before we closed and were able to takeover in court.

Pushing your wears on an new person who just asked a question is pretty low ball.  

Why is it asking for personal info?