Process meaning, can I post the 3 day or Unconditional quit notice or does it still have to be the 60 day notice... who has to serve it using the "post and mail" option... once it is served, after the allotted time expires without payment, what do I do next... etc.?!?!

I am saying that, what you perceive as accepted and the process you will face is unpredictable, it may by miracle close within your allotted time, based on your previous post, the have already pushed the closing and you can expect this to go on for months and months and months at a time.

When your tenant moves out if the property sits vacant for even one full month you have used up over half of your allotted budget for vacancies/maintenance/capex. 

A good tool to utilize is excel, you can evaluate a cash flow in minutes.Monthly payment is =PMT(intrate,term,principle) it would look like=PMT(5%/12,180,100000) This is $100,000 at 5% term of 15 years.Then place your estimated occupancy rate, insurance, taxes, an allotment for improvements down the road into a pivot table to automatically subtract.

I don't think the seller is wanting to pay for/allot for a commission.  

That is about $10k alloted for mailers that year.  

I want to make sure I cover all my bases in the time allotted.

Within the same comp area we could find two other lots selling for allot less and build two houses on them with each house appraising for and valued at $1.7 Million each and we could have done it with $1.3 Million.

Even hard money lenders require allot down.  

This business requires you to have allot of education, knowledge and experience which you will gain.