Unfortunately due to the property values, the cash proceeds will be disproportionately impacted by transactional costs associated with the financing (doc prep, appraisal, recording etc.) which will also hurt the available proceeds compared to the same LTV financing of higher value real estate that can better absorb these transactional costs. 

When a tenant leaves, you document that they are gone, who remains, everyone's rights and responsibilities, how the lease will proceed, etc.

I found someone in my area with a decent amount of experience in real estate who advised me to first purchase a single family home of my own (starter home) then proceed to use that as my first rent house in a few years time.

The result is typically less loan proceeds, lower rate, worse terms, etc.

If your current accountant is not a specialist in real estate taxation, you should look for one who is.Next time, you should also get a consultation to see if the cost segregation study will be helpful before proceeding with the purchase.

In which order should we proceed?

Here's how I'd suggest proceeding: - Make it clear in the listing what your requirements are for Credit, Criminal, Credit, and Eviction.

Now, if they are currently a renter, and they file either chapter 7 or chapter 13, you must hire an attorney to protect your interests in a bankruptcy proceeding.

If so, I would consult an attorney on the best way to proceed forward.

As important a consideration is how will you reinvest/spend the proceeds from the sale to build wealth.Hope this helps.