Is any land dedicated to specific residential dwelling?

In this scenario, the $200/month of cash flow is assumed to be invested somewhere else or used outside of this specific property. 

When conducting an analysis of the numbers and layout of a commercial real estate property, would it be advisable to engage the leasing broker representing the property, or should I seek to gather comparable data and financial information online independently?

Go put your 600k in to a short term treasure bill and collect your 5% until you have educated yourself enough to know exactly what,where, and why a piece of real estate works for your specific situation.

It's part of what got us to pull the trigger on buying our first rental property and furnishing in a way that would work specifically for families that were in our situation.  

I've worked with clients that have had to put more money up front into the transaction because the specific bank they wanted to work with required it.

My suggestion here is for you to not advise home on any tax issues. 

If they want to move forward, we first advise them that if they are approved, we will need the deposit in certified check or money order only within two business days; and pro-rated rent prior to turning over keys by similar method (Once they move in, we have other payment options available).

@Zach Lemaster Great advise!

If it is up here, drop a comment and I can more specifically share and give insights.