The seller needs to take care of this prior to close.  

Prior to inspection, I don't see a cap-ex coming soon.

@Cam CoplinHonestly, we've been concerned about this whole process regarding our security deposit because LL informed us that we'd be accountable for damages that occurred prior to our lease.

This pissed the seller off, but he was willing to sell me the property at my 1st offer (the year prior).  

(Please trust me on this... the first house I bought at a tax sale looked great on google.... but was taken down by the city the week prior.... anyone want a vacant lot in NE OKC?

Many times some of the grinders (companies on the take) try to make the earnest money deposit non-refundable PRIOR to the inspections.  

Use someone who represents you and your interests and make sure any title issues are resolved prior to or concomitant with closing.

You can do it yourself many do check the costs as in any purchase so you know how it's going to impact your bottom line. and if you chose an outside service make sure of any automatic extensions and notice required to end service with them and clauses that if you accept their renter and end service with them that your forced to also give tenant notice, which has been disclosed in prior post on BP.

Thank you in advance for the advice - I really don't want to sell my rental but can't afford to be under water with rents dropping slightly from my prior tenants.  

Is there anyway to structure this to receive the money prior to closing?