Constructive receipt is funds under your control with no restrictions. 

Any agreement you have with the seller does not hold any legal sway with the tenants.Here is my estoppel:1.

The smaller local banks that I have talked to are reluctant to work with out of state investors, probably due to the added legal cost of tracking them down if something goes wrong.   

Are there restrictions/regulations on what an owner can do to a commercial property?

Now since the landlord had undertaken renovations to create a low allergen place to live, marketed their building as such - being forced into accepting an ESA would "fundamentally alter the nature of the services provided" and thus allow them to legally decline the request!

At a minimum you'd want to work with a mentor or (preferably) attorney that is experienced in distressed property matters and well-aware of the many legal pitfalls. 

I know that it is legal, but is there a problem with me telling the tenants right off the bat that they need to sign a lease agreement?

@Ian MiddletonAttend the biggest networking event in Houston next Wednesday, Sept 19, and you will meet hundreds of local investors, along with vendors.It's a loaded question, but here is the short answer:For legal liability protection, if you need one, is an LLC.

@Manuel Martinez Yes presuming ground leases are legal in your state. 

You should plan on 20% down, closing costs, legal etc. and probably another 10K in reserve funds.You should probably spend more time studying finances, real estate and your local area to get a more complete education on investing.