Of course the 9 cap rate assumed full occupancy and was missing many expenses. 

All tenants are responsible for the rent payment for the full month in which the tenancy terminates.

There are many terms that get thrown around that I don't understand the full definition of, and having a place where I could get an explanation of them all in one place would be awesome.Thank you everyone! 

Should you find/assign the contract to an end buyer the broker is full right to all commission made on the sale of the property as they have the exclusive right to sell the property NOT YOU, and the seller will need to pay the broker a commission. 

Your best defense is to RTFC - Read the full contract, the FAR-BAR contract for sale of real estate (whichever one was used), and any agreement with the buyer or seller.

The price is at a discount and the house needs a full reno but the comp ranges are extremely tricky.

@Aaron McCurdy For whatever it's worth, some the "tone" (dangerous to infer online) is along the lines of "I need something to do that will make some money but it doesn't have to replace the full $100K."  

Some repairs are considered normal wear and tear, eg. depending the length of the tenancy you might not be able to charge for painting the interior of the house, cleaning (or even replacing) the carpet.

Good full doc income and reserves.

Public water, not sure if separately metered.