Part of the sale agreement was the purchase of any property I want for under 140k.  

For instance, if you don't want 6-month leases, make sure your management agreement states 1-year minimums.  

Do you make them a verbal offer and then if they accept do you send them (email/mail/Esign) the purchase agreement?

They might agree to some type of workout but they were looking for people who could perform.When an individual borrows on real estate property he signs a Note (which is basically a type of IOU) and a Deed to Secure Debt, or Mortgage (a collateral agreement which gives the lender the right to take the property if the borrower defaults on payment).

As if 1.7 million wasn't enough, the wholesaler is now suing Zuckerberg because he didn't perform other parts of their agreement like introducing him to Silicon Valley people.

When they call that phone number you go over the agreement as to the price paid.

Once you get that one person who is willing to talk to you and you end up with a listing agreement you will never be shy about cold calling and knocking on doors ever again.  

All they asked for was a copy of my rental agreement and proof of income.

If you're going to have multiple members, and need a very clear operating agreement and exit strategy, you should hire one (and we'd be happy to help). 

In some situations, the lender’s analysis may determine that using alternative rental income calculations or using lease agreements to calculate income are more appropriate methods for calculating the qualifying income from rental properties.