I found this property on the MLS listed for $88k, and the seller accepted my all cash offer of $70k.

I agree with most comments above, it is very likely you will have the property in your possession again in a few years, the other issue is, lets say you apply $200/mo of the rent to principal, because the tenant is "renting to own" Fannie Mae, Freddie Mac and FHA do not recognize the additional rent paid to principal for down payment, because they lend on the purchase price, and no matter how you word it, they will not accept $10 or $20K as Down payment for the loan if it was paid to you over time. also if you need to remove them from the property it is possible a judge may see the principal payment as equitable interest in the property, there are many hag ups in this strategy. 

I know the TREC forms are acceptable almost all of the time.  

Both VRBO and HomeAway require you to accept bookings within 24 hours.  

It can accept contributions and rollovers from other plans in the same fashion as any other IRA, either during the initial setup or in the future.The one thing I would be sure to check on is whether your new 401(k) would let you roll out any of the funds you are rolling in. 

Our offer was just accepted and getting ready to get inspection started.So we have formed a LLC with the state and i wanted to get some information how to set the LLC up for tax and accounting purposes.

Our offer was just accepted and getting ready to get inspection started.So we have formed a LLC with the state and i wanted to get some information how to set the LLC up for tax and accounting purposes.

The listing agent said that the accepted offer had until the next day(yesterday) to submit earnest money or the property would be re-listed.

The bank and the FHA hold the final answer.In my experience banks do NOT like to accept change without a refinance or a personal guarantee.

D) If and when she says something to you, I'm sure a short "Sorry for your loss" is acceptable.