And I completely agree in regards to the deal being a little on the thin side, however, if I'm only coming out of pocket approx $24k, (including the 3 points) and can make $10-20K, (hopefully in 6 months), I'm ok with that.  

I just stumbled upon a bunch of listings from all over the country that people were trying to offload (with owner financing and without).

California stucco systems are different than any other area in the country.  

The only reason I entertained her application at this point was that she was agreeing to pay rent for September as well, because she really liked the house.  

Why all over the country?

You only have a deal if the seller agrees.  

I agree that being caddy is not in the best interest of her client.

I want to start locally and eventually start investing in other markets around the country.

If so, get whatever you agree to in writing, and make sure the language is clear that your payment ends all obligations of your lease and that they cannot come after you for anything after payment is made.

I agree with the other comments, that a higher end tenant will probably want the a/c, lower end the swamp cooler.The swamp coolers are definitely cheaper to run, but since I don't pay utilities, I am more concerned about the maintenance time and costs.