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.

Loan balance after 5 years is $288,869.Equity 175k -80k initial investment - 10k closing cost = 85kROI = 48%Not including rental income which honestly I would just use as a fund for potential problems, or leverage for another loan in the future.Overall its a better ROI than Bellevue and does not require me to do a cash out re-fi making it a better deal.

and am talking about paying a initial down payment and then paying the rest of the amount in some time and I need to know what is that standard time- is it 3 months or 6 months or an entire year ?

@Chris EakerYou are only able to '@'-mention either people who are your colleagues or who have already participated in the current discussion (thread).That said, there are a few people whose usernames can be problematic to '@'-mention (i.e. those commencing with an initial).