If you have a child in the property who has an elevated lead level in can trigger an inspection in many areas. 

I finally pulled the trigger and bought my first rental property!

Just haven't pulled the trigger yet.

How are people able to pull the trigger so quickly?

The conversion would not trigger any income tax consequences at that point in time. 

You stated that you're new, when it comes time to pull the trigger on purchasing a property will your investors follow through or get cold feet?

What specifically should I ask, do, check, verify, or have inspected before pulling the trigger?

Additionally, if you receive debt on the property from a bank, will selling a single family home (included as collateral on mortgage) trigger a "due-at-sale clause"? 

The lease option agreement may trigger the termination of your existing homeowners policy and the tenant buyer would have to have their own policy in place with you and your mortgage company as loss payees.   

Do the due diligence before pulling the trigger and look at the neighborhood for appreciation.