That being said the city of Philadelphia is hilariously backlogged and delayed when issuing them, taking up to 3-4 months in extreme cases and really eat into your profits if you used a hard money loan for the acquisition. 

Being upfront about the demand on the rental, eating the cost of applications for those denied (wouldn’t recommend, but some do it), and/or having your preliminary, no cost application be available to submit prior to requiring at-cost credit/criminal background checks. 

Otherwise, you can close on the property or walk away and eat the loss. 

I’m with @Matthew Paul. here’s how I roll- if I have to special order something like windows, I factor in a deposit enough to cover the cost of the windows (I pay for them when ordering, and im not eating the cost if you cancel) For my regular clients that have used me for years, I don’t need a deposit, when I give them invoices they pay me. 

Toilets, HVAC, and appliances still cost the same and can and will very quickly eat into your cash flow.  

In my head, I compare it to eating an elephant: I buy something (take a bite) and then I have to "chew" for awhile.

If it's not cash flowing hopefully it's in a very high appreciating area... which can be hit or miss with MF AND that nothing unexpected happens that eats into your bottom line even more.

Opened up living room to eat in kitchen.

You can’t have your cake and eat it too, unless you have no ethics.

You screwed up and will just have to eat it now...... work on your expenses and that's all you can do.