I have no prior experience in Real Estate Investing, however, I am very interested.  

I would also make the M2M contingent on being able to show the property in the last 30 days prior to vacancy.  

Agreed, you Want to use a title co. to close, you can get a warranty deed from the seller, the prior QC, or even one to you, is no issue as long as you get tile insurance.  

Our expected cost for 2016 will likely be about $4K, where the prior years were about $6K.  

Well first off make sure they do so prior to move in otherwise don't give them the keys.  

They are inspected prior to move in, prior to renewal and again upon move out.

Also on a side note, if any experienced investors have any tips they wish they would have known prior to buying their first property I would like to hear them.

Adjustable Rate Index: One Year T-Bill (1 Yr C T) Change Index: 2.75% Rate Change Frequency: Annually First Change Date: 11/01/2010 Int Rate not <: 2.75% Int Rate not >: 10.87% Maximum Interest Rate: 10.87% Interest Only Period: Prepayment Penalty Rider: No Prepayment Penalty Term: Mortgage Record Recording Date: 07/31/2001 Document #: 2001-222392BK-PG - Loan Amount $211,500 Loan Type: Unknown Loan Type TD Due Date: 08/01/2031 Type of Financing: Interest Rate: Lender Name Lender Type: Lending Institution Borrowers Name Vesting: Joint Tenants Prior Transfer Recording Date: 11/07/1989 Document #: 15463471 BK-PG - Price: $220,000 Document Type: First TD: N/A Type of Sale: Mortgage Doc #: Interest Rate: Lender Name: Buyer Name: Buyer Vesting: Seller Name: Legal description Abbreviated Description.

Logistically, I assume I cash the check from HELOC in my personal account prior to closing than proceed to close with cash. 

Prior to real estate, I worked in editing and self-publishing -- work I love, but real estate pays much better.