My offer to purchase was successfully accepted in a competitive market, and I immediately found a tenant to rent out the space for a 12 month lease.

At some point you have to accept that your first attempt may not be perfect, but if you set some guidelines and narrow your focus down to something that's achievable you should be on your way pretty quickly.

It was very competitive due to location but offer was accepted and we closed in April.

We offered slightly below asking and they accepted our offer.

However, I have received an offer on my property from a very good and trustworthy friend that I have agreed to accept.

If the offer is accepted, a third-party title company will help facilitate the closing process.

If you have an accepted contract, the only thing I would really worry about is copies of all leases.If you are still underwriting and thinking of offering, the price is going to be more dictated based on your own knowledge and idea of what you can do with the property, versus what the seller financials state. 

You submit a letter of intent to get the property, do inspections first in New York after your offer is accepted, and after inspections are resolved, your attorney then writes the contract.

mDo you have to accept the first applicant that qualifies?

You just need to know how to background check your guests and how you want to accept payments.