No inspection contingencyWe considered taking out financing contingency and come up with more cash to close the deal, however, our agent stated that the sellers are in no hurry and are mostly concerned with their bottom line.

Once you're deemed credit worthy by lenders you can start using leverage which needs to be used VERY carefully but is also extremely powerful.I personally do NOT recommend that someone with a trades or self employment 'life track' as you are describing is best suited to buy a first house with cash, and for instance use your time to fix it up.Few reasons here:Firstly, often the kinds of 'cash deals' available are ones that can to generalize tend to be more cash flow type properties (as opposed to equity properties). 

My only concern with working in more rural areas is that we won't have the PM or service people to deal with the properties.

This isn’t my first rodeo but thanks for your concern. 

14% cap rate = extremely high risk property

Its coming up in trial next month because the lease clause and the addendum clause concerning terminating tenancy have different rrequirement language.

Everything is as smooth as can be for an off-market estate sale (judge involved), however there is definitely a point of concern that even my attorney isn't 100% sure about. 

But I also get concerned with all the risky lending I am seeing out there. 

A few things I noticed (1) you didn't include gas in your expenses (2) management expense at 6% seems low - I've used companies <10% before and I paid for it (3) billing back utilities via RUBS (Ratio Utility Billing System) is a legal, extremely economical way to bill tenants their fair share on a master metered property, however, make sure your state statues support it and is fairly commonplace with your competition. 

If your plumbing is in concrete, I would be more concerned as well.Happy InvestingDerek Dombeck