THe reason why you aren't getting anything less that $200/sqft is because the builder has to deal with the headache is making money off everything that he does.

Tax write off is one component of investing but it is NOT the only reason you buy a property.

Also If for some reason I end up buying/selling a home outside the partnership or representing someone as an agent other than the partnership, is it okay for me to take that income as my own?

You'll likely continue to hear different stories, for the simple reason: Different Lenders = different rules/overlays!

One thing I learned about working with seniors as a financial advisor is that they like income, but don't like headaches which could be a reason they're looking to move on.  

What does it mean when there is a high bankruptcy rate in a small town with no obvious reason?

The comps didn't have someone beat to death in the living room, so it seems like reasonably strong leverage for a buyer.

If they don't don't exercise the option in 5 years, we can just sell the property or do another lease option and we stand to make even more.The reason I like to do lease options over rentals is because in the majority of cases, I don't have to budget for the 3 highest expenses that come with rentals: vacancy, turn over, and capital expenses.  

Message me and I can give you contact info for a client of mine who is a master plumber but is very reasonable.

Is there enough demand in this area to think that 60-80 nights is reasonable?