Everyone has to determine for themselves what their comfort level is, but you also need to be critical of your own motivations, are you investing to maximize your profits, or looking for a hobby to spend your Saturdays on?

It is more critical to you when you are buying rentals because you already have a long term hold strategy so you want to refinance as soon as possible to make funds available for another house (flip or rental). 

Even in very exacting jobs (e.g. space craft design), where even a small mistake is literally a mission critical life & death issue, they use 'rules' to avoid over-engineering (or to use another phrase 'analysis paralysis').The 'rules' for real estate investing are not intended to be exact or fully comprehensive.

Well for non performing notes the due diligence is critical and getting a complete set of collateral files sometimes can be a challenge.

Relating to people is critical to gaining trust.

Understanding how to stabilize, reposition, and manage the rental asset will be critical to your success. 

What factors are critical to making the deal work for me along with hopefully a higher acceptance rate from seller?

The template looks something like:  The critical part is <current owner> is typically the same  as <some owner>. 

Would you mind to criticize it and give me some hits as of why it is not converting well?

I am putting this out in hopes to 1) Help anyone else out there who is trying to grasp these ideas as I was before, and 2) Open myself up to constructive criticism from the wealth of more experienced flipped out there that are on BP.I will try to be very prompt with answer questions, comments, advice or recommendations.