From your numbers ~$1,500 / M left before financing.

DO your analysis back and forth, left and right. over and over and over.

I have been drinking all sorts of information in left and right, and trying to plan my next move.

My so called cash investor looked at it and left.  

There is really nothing you can do if someone snaps, an employee at a major company could snap, the whole company could go under overnight,  and you would still be left high and dry.

It was a HUD home that had 2 days left for owner occupancy bidding when I found it.

The cost of the money will kill you and if you happen to get a tenant buyer who defaults or if you can't refi out before the HML wants his money back (usually 12 months) then you are left holding the bag on this deal.  

In addition I signed an "Office Exclusive Certification" to Multiple Listing Service of Long Island directing that the property not be published in the Multiple Listing Service This document specifies the exclusive listing runs from 4/26/2016 to expiration date which was left blank. 

I realize I can modify our operating agreement to reflect this transaction and his obligation, but it doesn't' sit the same way with me as if he were signing on the dotted line at closing.Please share your thoughts and if I am overthinking this,but if something were to go south or future disagreements I feel like I would be left holding the bag in this scenario.

Some folks love them and I know a lot that have left them.