The high bidder in this second round buys the 200 remaining notes, their analysts do similar analysis, and say they determine that 150 notes meet their risk adjusted return criteria.  

Also it is imperative that you change your lease to reflect that animals only qualify if they are under 35lbs and will remain under 35lbs when full grown.

The purpose was to protect the remaining open space from development.

Then with the remaining profit, is it fair to split 50/50 with my potential partner?

If one housemate leaves, the remaining tenants would have to pick-up the slack.In the case of guarantors, we would have one for each tenant in the household.

@Nina Grayson, based on their initial capital, which as a percentage of the whole should always remain constant assuming that all distributions are made pro-rata to all investors at the same time (which is what happens). 

When this person purchases the property, pay off mortgage, pay off seller’s remaining portion and keep the rest along with the cash flow from the monthly payments.

Even if it must remain a 2-unit rental, seeking to acquire properties with unfinished basements is a good strategy; usually, the basement can be finished economically....you could make either or both larger units, at a minimum, and gain a 3rd unit in the best case.On the surface, your deal has merit, you should seriously consider it.

Rent would remain untouched at $1200.Mortgage payment would also be divide by 2 in my calculations because the units mortgage should only count for $500 since there are 2.

I now am able to make money working with the people that know they will benefit by remaining honest and building a long term partnership.