Now because we're possibly going to lose this deal to a cash buyer, would there be a problem with me offering cash to close in 10 days and turning around and selling it to my buyer?

I'm going to send you a connect request if you don't mind, I'm interested in the future of your venture into virtual reality.

I would pretty much immediately raise the rent even with the risk of losing that tennant.

@Nicole Richards Many of the answers you are looking for can be found here: How to Effectively Conduct Joint Venture Agreements as a Real Estate Investor596231-how-do-i-properly-construct-a-purchase-with-a-partnership591376-create-an-llc-for-first-partnership-best-way-to-do-so526244-taking-on-partner-s-and-limiting-our-liabilitesGood luck!

@Marianne Lopez-HenthornIf you are starting any partnership, corporation or venture with multiple individuals, you should have an experienced attorney assist you with drawing up any shareowner/partner agreement and/or articles of incorporation.   

When the market turns again the investors with no equity will be the first to lose their shirts.  

But you do need time, the seller's cooperation, and money that you're willing to lose if you go through all of that and get denied.  

It could come in higher but that would mean your rents might be too high then you would lose tenants and then you would be up a creek without a paddle.

if original landlord does not have a move in checklist and inspection report, then you take one when you take ownership. you wont be able to charge for damages prior to your ownership. if there is a report, you can charge for damages (not wear and tear) but be careful if the report is incomplete or not thorough as there is a higher chance you could lose in court if it went that far

Others may not wish to venture into this however their own personal feelings toward this tenant class is irrelevant.