Do you anticipate traveling maybe once per year to the location of the property to actually see it or resolve any issue related to it?

It depends on how busy they are and what you're asking for them to do.On a related note, contractors are usually charging to give estimates now due to how busy they are.

My plan is to offer sellers concessions and /or closing costs slightly higher than the option fee to avoid any appearance of those two things being related. 

We need to make some decisions about the relative value of an unrenovated apartment as a rental, but all the comps we can find are newly renovated...Thanks in advance for any thoughts/advice!

Escalate it to at least some type of supervisor.In terms of how you explain it to the Tenant, I would come at it from a relational perspective, and remind them that you submitted the claim as soon as they alerted you to the problem, and that if this were YOUR heat that were out, you would have to wait the same amount of time. 

A possible exception to the 121 rule is a job related move. 

Agents can make up to 90% and more but, full disclosure, the starting split is relatively low since I’m taking a risk by fronting all the costs.

even though relatives would live there full time?

Tornadoes are relatively localized and short compared to hurricanes, so most people don't worry about them that much.

I assume you have a business credit card along with it, for business related expenses.