Unlike some lending arrangements, a lease by an investor is still a residential lease.

If it is everything I would make a new payment arrangement, maybe an account you could access instead of mail the check. 

No use hiding behind someone else if you are on title like you can with a normal PM arrangement.

If the Offeror and the Friend arranged this bid intending to coerce or encourage the seller to accept their bid, yes they are in trouble in states that have adopted such Acts.

A major reason businesses enter into sale leaseback arrangements is to have the flexibility to leave.

Try to make that arrangement. 

We're accumulating our down-payment but should be able to comfortably exceed the 3.5% minimum (understood that the Mortgage Insurance Premium is necessary for this arrangement which will impact cashflow).I have a few thoughts that I'd like to get some feedback on:Leverage: Since we're just starting off, I am conflicted as to whether to utilize my full leverage and go as big as possible (quad-plex?)

This arrangement has the valuable benefit of extending their commercial General Liability (GL) coverage to encompass your property. 

Mine looks something like this:Tues-Friday: arrange for necessary repairs from vendors (HVAC, plumbing, etc); Saturday: enter bills and receipts into spreadsheets for each property.

-If you really like and trust your agent you can enter a exclusively arrangement where your agent acts as your fiduciary.