What role did the elders play?
Ramban #1 (citing the Mechilta - according to R. Yoshiyah): The elders gathered the people to Moshe, and he issued them with the instructions.
Ramban #2 (citing the Mechilta - according to R. Yonasan): Moshe instructed the elders, and it was they who passed it on to the people. 1
Ramban: In which case, "Speak to the congregation of Yisrael" (12:3, above) was said with reference to the elders, who are called "Edah" (See Bamidbar 15:24).
Why did Moshe address specifically the elders?
Mechilta: He went in the footsteps of Hashem, who always gave honor to the Zekeinim. 1
Oznayim la'Torah: This was still part of the Parshah of "Ha'Chodesh ha'Zeh Lachem" (12:2), which was said to the whole of Yisrael - and indeed, the whole of Yisrael were currently still standing in front of Moshe and Aharon. 2 Only, on account of the element of Mesiras Nefesh involved, Moshe addressed the Zekeinim to take a lamb and tie it to their bedposts, to act as examples to the rest of the people - who would then follow suit and do likewise.
What are the implications of the double expression, "Mishchu u'Kechu [Lachem Tzon]"?
Rashi #1: It means that if one owns flocks, one should draw a lamb or a kid-goat from there; and if not, then he must purchase one from the market. 1
Rashi #2 (to 12:6) and Targum Yonasan: It means 'Withdraw from the Egyptians' Avodah-Zarah (because they were steeped in Avodah Zarah - Rashi), and take for yourselves 2 lambs for the Mitzvah!' 3
Ramban #1: Moshe, who was speaking to the people on Rosh Chodesh Nisan, 4 now instructed them to draw a lamb from the flock to their house on the tenth of Nisan, 5 and to take it and slaughter it as a Korban Pesach on the fourteenth. 6
Ramban #2: He meant they should fetch a lamb from their flocks, which were situated in Goshen, far from where they resided.
Yerushalmi Kidushin, 11:4: It teaches us that one acquires a small animal by means of Meshichah (by leading it or causing it to walk). 7
Mechilta #1 (according to the Chachamim): It means that those who have should withdraw from their flocks; and those who don't should purchase.
Mechilta #2 (according to R. Yossi): and Pesikta: It means 'Withdraw from idolatry, and cleave to Mitzvos.' 8
But isn't this obvious? See Maharal (12:21:2.1:1).
Gur Aryeh: Why does Rashi give two interpretations? A Midrashic interpretation never replaces the verse's simple Peshat - and so Rashi explains here. But this Peshat is obvious; why need it be said? That is why Rashi also cites the Midrash (in his comments to 12:6).
Ramban: In keeping with the instructions that he gave them earlier in the chapter.
See Torah Temimah, note 186.
See Torah Temimah, note 188.
Why does the Torah write "v'Shachatu ha'Pasach," and not 'v'Shachatu Oso' (as it did in 12:6)?
Mechilta: To teach us that the lamb must be Shechted specifically for the sake of a Pesach - otherwise, it is Pasul.
QUESTIONS ON RASHI
Rashi writes: "U'Kechu - Whoever does not have [a sheep], should purchase it in the market." Isn't this obvious?
Maharal (Gevuros Hashem Ch. 37, p. 139): Usually, one is not obligated to spend all of his assets to fulfill one Mitzvas Aseh. 1 In this case, however, a Jew would have had to spend everything he had, in order to purchase a Korban Pesach - if he wanted to be saved from Makas Bechoros.
Rather, no more than one-fifth (see Tosafos to Bava Kama 9b).
Rashi writes: "'For your families' - [As the verse said above,] 'a sheep for each fathers' house' (12:3)." What is Rashi explaining?