My understanding is if I get the property under contract and find anything "unexpected" in my inspection, even if it's minor, I can back out and not lose my EMD.However, if a buyer orders his inspection and finds something he doesn't like, can he back out as well because his EMD isn't due yet?

Rich Dad Poor Dad changed my life - I know, so surprising, hehe.

I was quite surprised.

Simply adjust your rents to include that amount.Tenants always prefer to know what they will be paying every month rather than having it come as a surprise.

If you truly are a high 700s FICO, it would take something pretty dramatic to drive your score down to the point where it even mattered.I'm surprised that an agent would recommend you work with one of the large banks.

I was surprised as well but my assumption is that the KC market is hot and they are overwhelmed with clients.

That means all costs are covered, with the exception of Income tax, and all pass through fees are not included (i.e cleaning fees, transient taxes, etc. which are collected from the guest and then paid out to appropriate entity.)Use both vrbo and Airbnb to maximize exposure.Always have money set aside for unexpected expenses, or if you find yourself needing to cover expenses because income was lower than expected.

One investor showed me his numbers and I was surprised to see that over the last 7 years he has spent 20% of gross rent on maintenance and CapEx. 

You will most certainly want significant cash reserves in the bank to cover those expected (and unexpected) capex and opex hits when Murphy comes to visit.  

I've had a chance to speak to people in neighborhoods I was consider buying property in and surprise when they tell me of the crime in the area even though things seem nice and quiet...