The selling agent said he was now going with the other offer because it didn’t require an inspection.Is it legal to accept an offer and then receive a different one and go with the later after the original deal was verbally accepted?

dont be afraid of spending a little money for legal council to draft your agreement

Does the 1st seller remain on the deed or is there a transfer with only the down payment with some sort of legal obligation to payout the remainder upon sale?

If not, is such a thing possible from a legal perspective?

We are stumped as to the legal hurdles though, could someone help point us in the right direction with some of the below questions! 

These legal forms just basically involve the owner and the tenant verifying what is stated on the lease is what is actually happening and that the tenants are current on their rent- Once you take ownership and introduce yourself make sure you let the tenants know your preferred method of contact. 

Zoned commerciallyTherefore our focus moving forward has been on acquiring properties that are exempt from future STR legislation and that can often simply be licensed as legal hotels.   

Advertise it everywhere, FB, CL, emails to buyers of this type of property, friends, family... obviously make sure you are advertising it legally.

Do any other self-managers use a third party to manage the process from tenant complaint, to fixing, to follow up?

What are the CORRECT, LEGAL protocols to make at this juncture?