At times, I have been "disregarded" because I wasn't known as the owner, it didn't bother me one bit....Most of the tenants recognize me as a representative on the behalf of the owner.

Maybe, but you're taking a big gamble that the person you are working with is taking shortcuts to get there.

I also recognize that anything less than a 3 unit multi-family seemingly will not generate any cashflow and a 3 unit is currently going for no less than 600k in the areas where I would like to purchase. 

I don't think you should gamble on further appreciation at some point the market will have some type of correction but not a crash.

Off market does not automatically mean good, on deal on market does not always mean bad.Last point, if you are looking to sell it for more eventually, and you've done your research and believe that the higher price you established can truly support it for a buyer down the line, then just know you are taking a gamble here.

I recognize that my biggest problem right now is knowing what to say and this seems to be the MOST common response that I get as a result of my marketing.  

I don't know what protection you're looking for or why, but a purchase contract is recognized by the courts.  

@Jim Brown That's the thing though - the marketing of college is so ingrained and sneaky, we don't even recognize it for what it is.

The important thing is to recognize that allowances need to be made.

In the case of an uninsured (not involving FHA) loan where, despite goodfaith efforts by the purchaser, there is an inability to obtain a mortgageloan from a recognized mortgage lender, 50 percent of the earnest moneydeposit will be returned.3.