Would this arrangement run afoul of related party restrictions?

However communication is key from both parties.

With a majority of all things being equal, I selected our PM with weight on that termination clause.Certainly put us at ease that if, for whatever reason, either party is unhappy in the relationship, we can cancel the contract. 

First, a verbal offer for the sale of real estate is Not binding or enforceable (statute of frauds in most states) unlike some other verbal contracts.You have no leg to stand on with your current potential buyer.  

@Chadd Brandon For the most part I use my cash and credit to purchase, rehab and carry it for 6 months before I finance to long term debt and get all of my money back.

@Travis Walker - talk to a mortgage broker (like  @Andrew Postell - he is on this site quite a bit), and see if you can qualify for a long-term loan with your debt-to-income (DTI) ratio as it stands. 

In my world of monthly furnished corporate housing rentals these are some things to think about:Top 4 things to consider when deciding if your rental is best as a corporate housing rental or traditional unfurnished rental.While corporate housing can be quite lucrative and make your property stand out in a sea of available rentals, it’s not the right strategy for everyone.

If you're splitting based on the knowledge, experience and work each party is doing, then you need to sit down and all come to agreement on the amount of knowledge, experience and work you're each bringing to the deal -- and then split accordingly.

The best part is no closing costs.

I’m sure you could rent it out on the weekends for weddings, bachelor/bachelorette parties, company group outings, etc...