The owner tells me they are motivated to sell and willing to considerably discount the property for a fast transaction, without realtors, commissions, closing costs, etc.  

I have been drawing a blank on how to accomplish this.My best idea so far is to pay a higher percentage of collected rent to the management company, and then they are on the hook to pay for all repair and maintenance costs.

I assume your name (or a business where you are a member/principal) is listed as 'buyer', along with an explicit right to assign the contract.The 'easy' way to assign the contract is to have a one page document stating that for some consideration, the 'buyer' transfers/assigns the contract to a new 'buyer'.

The fee can replace your funds too.When you assign a contract and the consideration is paid the grantee or buyer is entitled to the contract, so yes, they get the buyer's copy and original with the assignment.

Proximity to downtown, airport, or tourist destinations, as well as aesthetic appeal factor largely into my considerations.

Then what transacts is the passing of that interest in equity to effect the other half of the pie paying consideration.

They knew the borrowers received a consideration payment for the deeds from me, as I provided all paperwork for the purchase to the lender.

Is it possible to (and/or advisable to) draw a home equity loan against my primary to bridge the shortfall for the downpayment and help me acquire the property?

If this is a questionable neighborhood you could take measures to improve security and make tenants feel safer and draw more tenants.

ALSO looking for that program to allow me to draw a diagram of the outside of the house.