Do they require payment on site or do they give you a certain number of days to close the transaction?

You might get these days 60% leverage so you'll likely need 40% down payment plus reserves and the financial institutions will want you to keep those capital reserves in their institution.If you are a new investor, there's a couple of opportunities to get started. 

My main account has all the rents deposited and all expenses deducted such as mortgages, some utilities and an electronic payment app connected to the account to pay contractors.

If you pay two years' worth of property taxes in 2025 (January and December), both payments are deductible on your 2025 return, potentially reducing your taxable rental income significantly.

What does my purchase price and down payment need to look like for the bank to provide financing? 

@Jaycee Greene I wouldn't have the funds for the down payment. 

I am planning to get into the TN real estate market as my first investment and am looking for some information.In particular: Areas to steer clear of, property management fees, typical cosmetic rehab costs, etc.My strategy is to put large down payments on 2 properties (relative to housing prices) to help pay for my living in NY while still gaining appreciation in a growing real estate market.

I know what seller financing would involve in regards to me (the buyer) having to pay a interest rate set by the seller and the monthly payments also set by seller.But what are the benefits of seller financing a property?

The tenants, who were always good, fell on hard times and could no longer keep up with rent payments. 

You have to be ready to make 3-6 months of payments on the mortgage yourself after they stop while you try to foreclose/evict them.