Due diligence plus leap of faith seems to paying off for me; all my properties were rented w/in 2-3 weeks of close and I had multiple renters in place, leading to positive cash flow.  

Maybe I have too much faith in people haha but it doesn't seem like that risky.  

Act in good faith.

With this one leap of faith I was able to buy 4 other properties from deleveraging this first one. 

We gave $4,000 non refundable earnest money to show good faith since he was paying $7k out of pocket.

Just to show your good faith.

Depending on your attitude and your level of faith and honesty that also can be difficult because at least half the time you spend with sellers you have to be a little dishonest with the seller with your actual intention of what you are really up to. 

Keep making offers and negotiating in good faith and you will get one accepted.

You need to make a good faith effort to find a new tenant or the current tenant could easily argue against paying the rent for the entire lease, you should find the tenant, do not rely on them to find a subleaser.

In most states, you are required to make a "good faith effort" to find a replacement tenant as quick as possible.Don't forget the tenant that left is also responsible for utilities and upkeep until a new tenant is placed or the 30 days are up.