Because so much real estate in the US or Canada wouldn't be profitable without ultra low interest rate (as many investors are discovering lately), we are obsessed with getting cheap financing.

My recommendation would be to choose potential markets - in several price points - that have strong rental demand and year-over-year rent increases and that also are in markets that are appreciating. 

Option 3- If they have qualified for FHA; counter the offer to see if they can qualify for low downpayment conventional loan

You could choose to let your mother stay in the property rent-free.

Do you believe it will now be more cost effective to hold a license or do you believe the expenses will go up with what I assume will be a flight from the business by low producing real estate agents? 

I kept the rent low because the tenant was there for a long time. 

Its proximity to campus, turnkey condition, and rental history make it particularly appealing to investors seeking high cash flow and low vacancy risks.

I would advise finding an investor friendly realtor when you choose a market.

So, go with a good solution on the deadbolt.Screw a lockbox in a wall near the door for an emergency physical key.Find a locksmith that can rekey the doors between tenants - put ALL locks on the same key.Most electronic locks warn you when the battery is getting low.

I recently watched a video on social media that mentioned the way he was buying properties and yielding the benefit of the sellers low interest rate is having the seller put the property in a trust and then purchasing the trust.