I have a really good attorney who I use in PDX that wont charge you an arm and a legg and scare you into all sorts of unnecessary and complicated asset protection schemes.. basically you can vest in LLC  have an operating agreement ( that's your JV agreement) and a clear cut buy sell agreement .. pretty simple and standard stuff.. feel free to ping me off line..

It appears yes, it is a straight sale.....you get the full price in cash, they get title....you simply get a portion of cash flow and the right to buy back later....can’t see how that changes the initial sale.

Some items to consider are accessible path of travel (gravel is not going to cut it), potential elevator, potential historical preservation involvement, and the biggest issue is if a business can garner enough clients to cover the cost and still make a living. 

Once you have earned some money and mature a bit you may find that it is also part of the responsibility that comes along with success that may lead you to simply want to help a community maintain or improve its quality and value.

My experience has been that homes cut up into units may or may not be legal in any given community.

I don't like the term run away.. you can simply walk briskly.. 

In the *rare* event a mortgage is called due on sale by the lender, typically the options are to 1. refinance, or 2 cut a check for the remaining balance of the loan, correct?

Find out about taxes on the property are they under a special tax cut? 

Tool wise all you need is a angel grinder with a masonry blade to cut and shape regular blocks for the back post.You could also easily replavce all posts yourself with 6 X 6 PT.

He told me that if i want my 7% return, i can simply rise the rent of the currently renter, that will remain with a 3 year contract in the property.