If the rents on this property are not enough to easily cover the debt service then yes it will be tough to get a loan.

Being knowledgeable will help you make good decisions in the future, most states have them online, or your lawyer can make you a copy pretty easily.

Show the higher of the two to Fannie Mae and ask them to adjust the price accordingly.If you can't get into the property easily to get estimates, you should be able to get a ball park figure from a local contractor.

I could easily create a short form on there asking the basic screening questions for requesting a showing I imagine...or direct them to a short screening form on rentapplication.net I imagine. 

If the buyer performs, seller cannot easily back out of the contract and in fact a judge can force you to sell something even if you change your mind.

Unfortunately when you are dealing with rentals one can easily become jaded with human nature.Gail

LLC's as someone above mentioned are easily broken as most people do not do the appropriate meetings, record keeping etc.There are also tax consequences. 1031 exchanges are much more difficult from an LLC.

That is to say, all is well if you bought wisely, below market value, giving you instant equity, and/or the net cash flow easily exceeds the outgoing expenses.

Worst case is you have until May 5th and if you have a contract with a closing date you should be able to easily to it done by then 

Any less than that and you could easily run afoul of Fair Housing laws.