This would be my very first rental.I have an opportunity to buy a house from an old neighbor for $425k.

Quote from @Daniel Becker: Don't get buried in the weeds. 30 years ago, people invested by saving money, buying a house they liked, and holding onto it for decades.

If you have a handle on the value of the house, can make an offer that protects you and adhere to the contingency deadlines like inspection and financing,  a buyer's agent does nothing but waste your time and cost you thousands.  

I feel that pain and we're not even looking at houses. 

You can find properties in the price you indicated but they have historically appreciated less than inflation, they may attract poor tenants, they likely will have poor rent growth    Or house hack local market and need at low as 3.5% but easier at 5%.  

I'm getting my finances in order now so I can buy the house that I've been renting from my in laws and will have instant equity.

My question is around requiring other occupants of the house who are not paying the rent to fill out an application.

I'm looking into a loan from the SBA to complete repairs sustained on a rental house during Hurricane Beryl.

I have read I need to set up a business account and not to co-mingle funds so I am working on that.   

The idea is current home owners who locked in low interest rates before 2022, will be more motivated to sell and upgrade their homes if they can lock in a similar interest rate.The Housing Floodgates May Open by 2025 — How To Prepare To Buy a Home