And when they do move out, often the property is in better condition than when they moved in.To buy nice houses in nice neighborhoods, look for opportunities to buy with seller financing or subject to the mortgage.  

We’ve got about $175k in equity due to the large down payment needed to assume the mortgage. 

I already teamed up with a home builder and private lender. 

I'd agree with @Wayne Brooks that is sounds like something made up to sell classes.Many states require a mortgage broker license to broker loans. 

If I let the first lender start the title search am I bound to go through with the mortgage with this lender? 

I know that the property owning LLCs should continue to pay the mortgages, but what other if any expenses should the property owning LLCs continue to pay vs the property management LLC. 

It has only been on the market for 20 days.I contacted my mortgage company and completed an application for a forbearance to give me time to sell it and/or find a job and catch up on the payments. 

What is your mortgage exactly? 

Our "lenders" are family who will lend to us a 25% down payment on the first property we buy at a rate comparable to a high interest savings account, so 4-5%.

And from my understanding, you could be on the hook the whole time for the mortgage.