Yes, you can likely back out and get your deposit back based on ANY inspection even a good one, but its disingenuous to operate that way. 

The second you advertise a contract people will throw their deposit money at you before they even look at the house.

They will look at the house after the deposit is paid.

2) We require a non-refundable earnest money deposit of $1000 (depending on your deal) to be placed with our title company if you decide to purchase the property?

Now, our seller broker does want to give us our earnest deposit check back because she claims we are on default.

If not, my guess would be you’re likely going to have to return their deposit. 

As far as your renters direct depositing the rent, they would need a receipt to show when it was made. 

I have a substantial amount of gift money being deposited into my account soon.

In my experience the seller would require a $50,000 to $100,000 earnest money deposit, with a $10,000 option fee which the syndicator will lose if the property purchase is not completed.

Here are some the things of which I'm aware that I'll need to consider: 1) business property (non-real) such as lawn care equipment, furniture, appliances (large and small), dishes, linens, tools used in the care of the property; 2) transition of internet presence and accounts (website hosting, domain name, social media, 3rd party booking sites - anything else); 3) deposits already received for future bookings; 4) a listing of contractors they use who are already familiar with the property; 5) a listing of any contracts that would carry over to the new owner;6) details and copies of any existing property management software.What else?