The part I don't fully understand is this...

I like having more control over my deals, not having to rely on a relator to show me the homes I want to see, and getting to deal directly with all parties involved.

I would counsel them to do a 5 or 7 year with a balloon at the end (which could be negotiated if both parties agree again into another 5 years of installments), but, anyways.In your shoes, I'd try to negotiate it so you get help and advice and the partner is along for the ride, but give up as little long term free cash flow and - more importantly - equity in the property as possible.

However, I was speaking with my real estate agent today and they mentioned that I could not offer a "cash" offer if the cash is: 1) Coming from a third party and 2) The cash offer has to come from my approved bank account.

BUT- I spoke with my real estate agent and they mentioned that I could not offer a "cash" offer if the cash is: 1) Coming from a third party 2) The cash offer has to come from my approved bank account.

IMHO, they are not going to want to crowd into Casino hotels or highway Motels - they're looking for a family home vacation experience. 

They should not use a third-party manager and they need to own the property.

The court not only forces the party that is backing out of their obligation to perform, but the offending party also is responsible for court costs and, the big kicker, all real estate commissions as well.

I've since moved on to multifamily and third-party property management but really valued all the things I learned by self-managing my SF rentals. 

I have two new 506(c) offerings and I'd like to offer online third-party verification.