I have recently started taking actual action in my investing and found a great deal after educating myself on real estate investing over the last year and some change.

Turn it into an action plan and stick to the plan.

Seeing homes flipped in your neighborhood can also be a great source of inspiration to get in on the home flipping action!

If you ever have to evict or take other action, you'll be very happy you used time tested materials designed specifically for your jurisdiction.Should also give you access to Fair Housing training. 

What are concrete action items you would suggest for the "forced savings and debt pay down" purpose?

I do not have a forwarding address for them so I'm not sure what I should do "legally" to keep their entire security deposit and take action against them for their missed rent.Advise?

If there is evidence of live termite action, then your risk is bigger.

I suggest clearly defined roles, detailed responsibility, including actions in cause of any contingency.  

I know I can use these methods, but was wanting guidance on what you think the best course of action I should take on financing a buy and hold property starting out?

Network, educate yourself, figure out your goals, and most importantly TAKE ACTION.