One of the ones I belong to charges $9 for a credit check, so may be you can reduce you costs and make your application fee more competitive to the others in your area.Around here about half have a fee and half do not. 

I have decided to put more time and effort into Real Estate Investing but I think I am afraid to dive into this property it is a huge house and may be too much to handle this soon.

It's funny because most of the groups I belong to there are a bunch of new investors wanting to jump right in but they don't take the jump.

I make sure we clearly outline try following on the lease:- pet policy- parking policy (complete w/parking diagram)- the fact that they cannot use their security deposit for last months rent- clearly state anything to to with laundry and how that will be handled - who to contact for maintenance requests- when the rent is due and most importantly that the rent needs to be at our office to be considered received.

I'm a tad bit confused on how I should handle fixing my credit so I can take out a loan to purchase my first house.

. - Risk to seller: contractor injure & will sue owner on record- Risk to seller: Contractor cause an error with plumbing or electric - can be costly to  seller since until the deed not signed - property still belong to seller and buyer can just loose escrow. 

This building has been vacant for 7 years, and belongs to a family trust.  

Michael,I would guess that was the current owner's way of handling the late fee. 

Pretty incredible what can be found in houses, did the homeowner leave a lot of personal belongings or just forget about their doomsday stash under the stairs?  

I really think the answer requires more information but I will share with you how I handle this.