I'm not sure why you wouldn't list your rental criteria in your initial ads to avoid having unqualified people apply.

@Ben Roberts,Here are the 16 items we use in the initial due diligence period. 1. 

Is an initial 20-50k spread (a spread likely to decrease over time) worth your life and the lives of your family helping you out?

 It would probably be worth it to get an initial consult with a lawyer. 

My CoC ROI is a little over 9%.My lender seems to think that the unit is a little undervalued (elderly widow seller- wants to get out and travel), and that I may be able to cash-out refi in 6-12 months, recouping my initial investment.

Not sure of the buyer's financial situation, but they may have been preapproved for the higher amount, but that doesn't mean they have cash on hand to cover the difference between the appraised value an the initial purchase price or the closing costs.

Since you asked (the most asked question ever) how does one get the initial capital to invest in a RE deal.

Let me go ahead and re-phrase your initial response for you, so that you can get a better idea of the type of community that BiggerPockets strives to be:"In my experience, tenants will do what they are trained to do.

I am currently building my knowledge base for investing and have begun some initial steps towards networking futures relationships within the industry.  

One big concern I had was around the lease term automatically switching to month to month after the initial 1 year term.