Make a criteria of minimum acceptable standards, and then never make any exceptions for someone who falls below your minimum.I hear time and again that people who are going through an eviction are doing so because they fell for a sob story or made an exception.

If you aren't trying to run a company, the standard double entry accounting method can be overkill.

Also, I am unable to "close" and/or move into the property until I have 30 days of pay stubs to back up my offer letter that I provided for pre-approval.Since your still in school and/or recently graduated with your bachelors degree... you just have to provide the bank with college transcripts to get past the standard (2) year work history requirement. 

Mobile homes are a real pain to maintain as there's no such thing as a "standardize part".

Looking to possibly buy a property for him to stay in plus rent out remaining space.Looking for something that would cashflow as a standard rental in case market turns down and I can't sell when he graduates

This is based on what you describe to me.Attic insulation should be R60 above ceiling and below floor R30 in your area, I doubt yours meets this standard.

I assume standard 10% vacancy and property management fees at 10% each and I am right at the 10% cash on cash mark (15.2% after adding back the property management). 

OK well this is a super simple question.if you are within your due diligence period per contract  ( usually 10 business days) and you find something you don't like you do what @Brian Cohen mentioned and you fire back an inspection addendum.. if you wish to terminate you fire back a termination agreement.. they are standard forms on the MLS>.

Do not outfit the property to your taste or standards, it's a rental and should be set up as one.

I don't know if the underwriting standards are as strict as they used to be, but in the 2014 time frame (give or take), we owned a duplex for right at a year and were planning on buying a SFH.