I probably have more question if your okay answer them as I attempt to learn the use that application.

They are simply applying the same logic you would with a problem tenet.  

Quite simply put I don't even know what I don't know!

Mortgage lender credit inquiries, within a 30 day window are grouped together for scoring purposes as if they were 1 single inquiry.Even besides that, if you have good credit....inquiries simply dont matter enough to make a difference.

I figure most are simply acquired off market.

It's not a loss, it's simply income never received.Same with rental income.

Also I have not attempted to actually put an offer or negotiate on the price since I am just using this property to learn how to correctly run numbers.

Hi Aaron, I’m unsure about where having financing comes from when I’m simply introducing myself, but thank you for your feedback.

By 'equity play' I simply mean that the cash flow in this market may not be as much as some other markets but that the overall ROR will even it out because of appreciation. 

Put it in writing and be very clear that you won't attempt to renegotiate the price or ask for repairs.