I appreciate your posting this, because we are also in Alabama and are preparing to finish out about 700 square feet in our basement.

This will help you and your tax preparer. 

Plan B in your pocket,, tenant might not be able either to move out early.. you can ask but be prepared to offer more than just the prorated rent for a few days...and to have a moving truck for a few extra days yourself. 

I have been told a few times that I should be prepared to starve for the first year or so.

Unless you're willing to live in a bad neighborhood and even then you're looking at prices around 250-300kLong Island and NJ are nice but prepare to pay 8-10k annual property taxes.

We have closing attorneys in NC so once I have a signed contract I send the paperwork to the attorney and he will do a title search and prepare the closing docs. 

Be prepared to spend some money on inspections and that the first deal or two may fall through.

Prepare to loose.

Off Market deals are found from hard work but I don't advise you start that route if you are not prepared to pull the trigger quick.  

Terry has prepared as comprehensive report on the situation at Village Green.