I obviously can't pick and choose what score to accept due to the Land Lord tenant act laws.

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.

mDo you have to accept the first applicant that qualifies?

We offered slightly below asking and they accepted our offer.

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

And I don't accept anything less than the full payment. 

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

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.