Deposit paid -> lease sign -> copy to them -> keys once they pay rent in full and deposit in full (if enforceable).

Thank you so much for all the insight @Ben LeybovichAlthough that isn't possible, as I'd be ordering the paperback version and it wouldn't deliver in 26 minutes, your post helped me more than you know because if I could have read it in only 26 minutes, it seems that a $15 dollar book isnt worth it and I can find other free material online.Thanks!

That’s the key to Memphis.

So you need to make it a responsibility of Seller which may consist of cash for keys that you may have to negotiate as part of the deal. 

BUILDING THE FOUNDATION IS KEY.

So I guess the key questions are1) Am I wrong about the cash out refi requiring 6 months of seasoning on title?

I realize now that marketing is going to be the key to this businesses success.

Do you really want to skimp on the inspection process that is your only test drive before getting the keys yourself?

You need to model in a conservative (higher) cap rate at disposition so you are purchasing at the right price to deliver CoC and IRRThat's it for now.

In my opinion, a turn-key property won't return very much so you might as well put your money into an index fund and let it ride.