It occurred to me there might be a third party service that can provide the "assessor's role."

Pretty late to the party here, but I am looking at a property in Villa Rica.

Some of my concerns include: No third party oversight of the underwriting process—REITs have equity analysts, quarterly audits and SEC regulation.

This is going back a ways so my recollection may be wrong.A litigation guarantee is issued with respect to some legal action (a quiet title or foreclosure for example) and is geared towards identifying parties to the action and protecting you from future claims of omitted parties.

As I see it currently, based upon your summary, I think the expectation of the other parties will be, if they are contributing 25% of the equity, then they are entitled to 25% of the Net from the sale, unless otherwise discussed and agreed upon amongst the partners. 

Clear and full disclosure to all parties is a necessity.

@Jonathan DragoAbsolutely not.You and any business you control are viewed as a disqualified party to your father's IRA.  

There is a party line here on BP for investors to get licensed.  

The owner never kept up with maintenance and the third floor tenant is being evicted anyway for non payment of rent.  

One of the keys to understanding true “win-win” situations that makes the most sense to me is understanding how all parties get paid.