Agreed -- great, low-cost way to cover marginal legal bases without racking up hours of billings with an attorney.

The terms we have agreed to are thisPrivate Money Partner bring the 20-25% down payment, does NO active management other than voting to approve the purchase, and occasionally voting on major items such as time to make large cap-ex purchases, time to sell etc....We do ALL of the work of finding, funding, rehabbing if needed, placing tenants, all ongoing PM and business management. 

Your offer to purchase should include a requirement that they provide all documentation and agree to sign an estoppel certificate (also called estoppel form or agreement).

I also agree with both that you should start looking to work with a tax professional.

I have a term in my (Washington State) group lease which says somewhat unnecessarily that if all parties agree then a one-page Extension Addendum will be acceptable and will modify the current lease no more than by changing the end date by one year and the rental amount by the change in the Zillow rental index for the area, and that such an extension should be signed a month before the end of the term of the current lease. 

Yes, I agree.

As Is" simply means the seller is not agreeing, in advance, to performing any repairs typically that may be required to be in a financable condition. 

I don’t agree with this per say as an agent because I would not operate this way, but you may have had a better chance of getting the property if you used the sellers agent as your agent as well.

I agree with all your points.

@Jay Hinrichs I whole heartedly agree.