I am however concerned about the effect the oil industry will have on the rental market in light of upcoming elections.

I am currently saving up 20% for a conventional loan (as it may not be possible to owner occupy) and my biggest concerns at this point (along with all the other newbie concerns) is that one of my recognizable weakness is home improvement.

My concern is the liability that opens me up to personally. 

My original concern is whether a written agreement between us, cash for keys, to leave by tomorrow will hold up in court. 

@Michael Carbonare, yes that is a very valid concern.

As far as her concerns with not being rented to by the new buyer, if she has a lease with you that has 7 months remaining on it then the new buyer has to honor that lease (though he/she can evict her if she is not following the lease rules).

Now, two of the common areas of concern for LOCs I see out there is the 10 year maturity date and the adjustable rate.

Voice your concerns on their social media/web forums.  

My concern is that there are no garages in any houses in my neighborhood.

My biggest concern is a 6 month vacancy during the summer.