As a generic advice:  I would recommend paying off any credit card debt, or high loans. 

@Jaycee Greene I met with the credit union and waiting on an appraisal but pretty certain I'll access to around $80K @ 8%.

To their credit they have had good communication with us and have hired the last exterminator that got the job done.

When I go to my credit union for a commercial loan there is no junk fees, no origination fee or maybe a half point origination and a better rate.

Also---you need to make sure whoever did the rehab did it correctly (no point in paying a premium price is the work isn't done correctly)...lastly if you pay for a turnkey property...how do you know the tenant is paying a market rent and is a good tenant (credit score wise, payment history wise) etc?

The most qualified applicant in my opinion is a family of three, whose credit and background checks are clear. 

Since the property is free and clear, you might consider reaching out to local banks or credit unions, as they often have more flexibility for smaller loans.

The other day an investor told me, "I need to buy this for the lowest price possible."

Market rent was about $3,300 at the time, but we agreed to a $5,000/month rent that includes $1,000 rent credit (which was stated on the option contract, not the lease contract). 

First of all I put my acceptance criteria clearly in the ad: minimum credit score (enter X amount, 620 is what I use),income 2-3x rent, good rental history, references, no evictions, acceptance dependent upon background check and employment verification, pet policy, desired lease term, etc. so that people will hopefully read that and not come to the open house if they know they won’t qualify.