Then we request everyone's highest and best offer by say Tuesday at 5 pm.Let me ask you this - is there any downside to waiting 3 more days to accept that clients offer?

You may have a harder time getting a seller to accept an offer from a buyer using an FHA loan because of this stipulation.

Money person can take a walk if this isn't acceptable, which shows their hand if they walk, its good news actually.- Cash flow and equity split is 50/50 as well as tax implications via K-1s from the 1065 partnership return. 

One month's rent is not likely to pass that test. 

I own a three-unit in Chicago which has strict regulations about accepting security deposits therefore I've recently started doing non-refundable move-in fees as most landlords do here.

He has interviewed big companies like Evolve, but they have shown to only do about half in revenue as he does for his properties and he will not accept that.

They have StarLink and I tested it on my cell and got over 100Mbps down and 20mbps up.

Is it legal to accept the 2rd one who applied?

If you apply and are not approved or accepted, you get the money back. 

I will tell you this, don’t wait for the H&B due time, have her agent call listing agent and see if seller will accept someone right away if its really good.