I've made many improvements to the property to insure it was properly secured and to prepare it properly to become a rental property.

Holding costs are things like mortgage payments, taxes, utilities, insurance, HOA fees, and anything else that pops up while you own a home.

If they do not accept, I can rest assured that it isn't too much of a set back and proceed with the purchase.

Some of my costs just to maintain, and these are just estimates as I dont want to look up the exact amountsMLS = $1,000E&O Insurance = $1,000Board Dues = $1,000Sentrilock = $300Showing Service = $300Continuing Education = $500Licensing Fees = $300

I can't confirm how much taxes you will owe (not a CPA, you should confirm this with a CPA) but you will be able to deduct prorated portion of all expenses on the property (mortgage interest, property taxes, insurance, property management fees, repairs, etc.) and then whatever is left will be taxed. 

If we proceeded the deal would be contingent on actual financials being provided.

So selling a dog to free up cash but using a 1031 so you can then purchase two or more with the proceeds can be a good strategic move. 

With a 1031 exchange you could sell that property if appropriate and use the proceeds as 2 down payments. 

You can require insurance as part of the rental but that won't cover the "emotional" value of things.

How many of each fast food, hotel, insurance agency, etc are nearby?