We went in $60k under asking close in 30 days, no conditions & we got it.Did some rehab & the cash flow is now exceptional, with nothing under $800/month.

@Corey M. with a few exceptions, you cannot do a conventional cash out refi on a cash purchase without waiting six months, or "seasoning" your acquisition. 

Pete except slightly higher costs. 

The worst thing that could happen is that you buy a cash cow, then the major employer in that area leaves taking with them a great portion of the population, and now you have no exit strategy (except to sell at a huge discount).

After receiving no correspondence from whatsoever from the tenant, after the allowable 14 days (as stated by Alabama State law and the lease agreement), I went into the unit and it was all moved out except the smelly, outside bin for garbage and a pile of what appeared to be junk was in the middle of the living room.

A good rule of thumb is to never pay these and avoid any lender who charges them (except for perhaps large commercial loans).

But of course there can be exceptions if you find a good deal. 

Thanks for an exceptional post on the subject, Chris.

If you buy with cash, there is no required waiting period to get a mortgage after the purchase (google the "delayed financing" exception).

Similar situation as the first, except that it has been 'pending' for 3 months.How should I weigh my options?