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. 

Does anybody have a standard wholesaler contract?