So be prepared for a lot of rejection. 

I had been prepared to just get conventional financing. but if I need to  go another route, does anyone have any suggestions?

Really appreciate the words of wisdom and you sharing the challenges others have faced so I can learn from their experiences.I'm probably putting the cart before the horse here given I still have a lot of educating myself to do, especially across market analyses to lock in my strategy, until I feel fully prepared to move forward with anything.

In the end you will prepare a reconciliation of the tenants account which includes rent up to the day a new tenant moved in, the lease termination fee, credit for the security deposit and see if she pays it.

You can try to not-renew the current leases but prepare for a potentially uphill battle.

Reading through the contract offer that my longtime buyer's agent has prepared, I was surprised to see closing date August 7 and first payment due September 1.My understanding is that the buyer normally gets the remainder of the calendar month after closing date, plus the next full calendar month, before first payment is due on the first of the following month.

I don't see how the seller's agent has to prepare the offer.

Do prepare this data for atleast 50-100 properties before making a decision4.

It maximizes your potential for income flow while letting you dabble in real estate.It is a great benefit that you are prepared to work on do-it-yourself projects and concentrate on little improvements.

That can take some time to build the teams, vet them, and be prepared to have some "BiggerPockets" for your reserves if things go south.