If you are going to keep this CT property for a long period of time, and the fixed-rate loan lets you cashflow your target amount it will not matter 10 years from now you paid 10,000-20,000 over what you think it was worth.

As Marc already pointed you, the departing tenant is responsible for rent, utilities, and any other expenses during the period of vacancy.

That being said as long as you don't finance it with a method that requires it to be your primary residence for a certain period of time, go for it!

Period.

They have also told me that it would typically take 6 months to a year to complete the sale with the inspection period, time on the market, etc... 

I’ve also thought about not having a buyer after the time period on the contract.  

Reserves are key to ensuring that you can weather the storm of unplanned expenses during the hold period of your property.

This grace period can vary, so you should read and understand your lease.

Our law allows us to issue a 5 day notice after the 5 day grace period from the 1st to the 5th.

You'll have to have a larger downpayment: 25%, usually a higher interest rate, and often but not always a shorter lending period: 20yrs is frequent.