As an attorney, I routinely represent investors in closings whether it be for a single family house and a hotel.

And I don't want my money to be tied up too long so I can continue to invest or lend on a regular basis.And what are the advantages and drawbacks in doing this?

Better yet, have the monitors inspected regularly.

Agree that we should run the numbers as if it's a regular rental. 

Id recommend reading the Ultimate Beginners Guide to Real Estate Investing by Brandon Turner, attend local REIA meetings regularly, and reach out the BP community with any questions and concerns you may have.

Track all of your expenses and income in report form and review them regularly with a couple of people you trust and understand your goals.  

Your just not familiar so it seems strange or unique or disgusting to you but you now you know .. its routine and to be expected if you want personal banking relationships and not do business with a computer..

If there aren't other offers on the table, they might not be willing to miss out on a buyer just for $5K.Also, is this a regular homeowner (non-investor)?  

See this as a great opportunity you can talk to your mortgage company and explain your situation, I am pretty sure they would rather have you rent out the home and pay your mortgage regularly than foreclosing because you could not pay. 

I'm finding stuff regularly off-market.