I'm local and fairly active in the Real Estate Market. 

Ensure to read the approval letter, affidavits, etc.

For me, if the SFR investment property is occupied, i will look at the lease and the tenant's application to ensure that the tenant is someone i want in my investment.

@Candice Banks I think you will be able to rent one of the rooms fairly easily. 

OREO =  Other Real Estate Owned             its a banking term that most bankers never want to hear and quite prevalent in the GFC. and I had my fair share as a lender as well.. these are when you making originations that you expect to perform then they don't and you have to foreclose... when you buy a bad note or NPN not sure what you call the asset as you half expected to get it back.. half expected to turn your borrower around and or end up with the asset.

Also, you want to ensure your car and other miscellaneous loans you may have are paid off.

I also don't find it fair that after you pour all your hard work into a property, improve it thus improving the neighborhood, that a law can be enacted that controls what you can or can't do with that property. 

Whenever you are buying a property out of state you should do a few things to ensure it's as smooth as possible.

You made a fair offer and should feel good about it. 

Would it be fair to eliminate a 1 year lease?