Here is a document that explains the terminology:https://singlefamily.fanniemae...

The smart thing to do on your end is take a lot of pictures and/or a video documenting the condition of the property.

I’ll submit those requests tomorrow.

I worked previously as a manufacturing engineer so I live and breath processes and documentation so I've got lots to say on those topics if interested!  

So yes, a poorly listed listing even when on the MLS can translate into fewer offers.To elaborate on this, I think we need to understand the mindset of a buyer here, too, as the buyer doesn't know how many offers have been submitted on any listing.

due to new lenders trying to make heads or tails of properties, tax returns, income documents, business entities, etc. 

My current plan is to read it twice, the first time to gain the exposure and get my feet under me, the second time will be slower and in parallel I'll start compiling all the recommended documents so that I'm ready to start looking for tenants.My concern is that my focus should be on finding deals and that I'm going off on tangents and getting worried about what ifs.

Here, you can create 'mock' documents that in configurations can be set up to not manually upload into your brokerage's interface/software.

After exchanging emails, I was told that they failed to execute the payment agreement document, therefore, the money is due paid in full now..  

Submitting offers, getting beat, or having a listing and seeing all the different offer that come in as well as the timing of them will give you an accurate picture of the market for that area.