. $200K below market in BK is not easy to come by.I would strongly recommend you work out some form of seller-financing with the seller OR find a friend/family member to come on as a cosigner for the deal. 

If the deal doesn’t work out we will just allow our agent/partner to buy the deal.

A $7k "repair" write off item might work out to alternatively $1k of "depreciation" write off every year for the next 7 years (still $7k...) -- different things have different depreciation schedules.

Do your numbers and see if they work out.

I did make a mistake at renting to family, but I have the lease work out to break even on the property(tenant pays for everything including repairs, taxes, lawn care, ect).  

I have the $$, would love to find someone with the experience to get to know and eventually partner with on a deal, if things work out. 

Usually lender back out means building numbers don't work out (can not cash flow) or your finances has issues.   

Just let the tenant know that since you just bought it, you need to raise rent to make the payments work out.  

Those tenants that have not attempted to pay some rent, attempted to work out a deal with the landlord, attempted to work the system, should feel your wrath. 

These things work out fine with "hand shake deals" but whenever there's issues (which is almost always in RE development) you find out how quickly the devil is in the details.