Assuming Illinois doesn't have state-specific forms that are different, look at paragraph 6 of the deed of trust that any owner occupant who got any 30YF Agency loan signed at any closing table within the last 5 years. 

can bring more drama to the table than is worth it.

It points to Table A6 where you have depreciation percentages for each year.

I just wanted to know what the seller has to bring with them to the closing table?

Unfortunately there isn't enough money on the table at this point to get that done.What they really need is one more interested party to compete against you... so they lower the price on the MLS to $129.9k simply in an attempt to generate that interest.

Should I instead bring a laywer to the table?  

., and (3) is valuable financially (i.e. more cash to the table, able to shoulder more debt, etc.).

I don't want to leave a bunch of money on the table but as an employee, we get some breaks on closing costs, etc.  

If the numbers pan out, it is possible to go to the closing table with little money if you use a hard money lender.If its value is close to the $120K purchase price and you are acquiring it to hold, most lenders will require 30-40% down for an investment property. 

The earnest money deposit is yours, You can get it back if you back out of the deal within your inspection period or if the deal falls through because of financing, but if your doing a conventional loan make sure you have an Appraisal Contingency so if the property don't appraise you wont be obligated to come up with the difference.  3.No, its your money and its becomes part of the funds you bring to the table when its time to close the deal.4.