You are the prize and you need to convenience any lender of such.

The selling points for us on the property is the convenience of how close it is to my parents house, the 1200 SF detached garage/shop on the property, and the prospective rental income that can be generated for it's location and high demand.

But if it becomes less convenient for these buyers due to global economic or geopolitical reasons, Pasadena would be affected more so than other communities, IMO. -- I'm sure you've considered adjacent communities.

They will come out and look at the property if is conveniently local to you.  

@Lesley ResnickI'll sound a different chorus than @Michael Noto.We have moved from a common laundry room to en-suite laundry in all five our <=6 unit buildings  We are even in negotiations on two larger buildings, one of which has laundry hookups in each unit - I've already negotiated 16 laundry sets for $15K on the anticipation we will close on this building.Our experience with a common laundry room and coin-op machines was:the capital outlay for the machines was 1.5+ times the cost of a high efficiency residential laundry set;landlord carries the utilities and, typically, the coin-op laundry brought in enough revenue to cover its operating costs;vandalism was greater with a common laundry room;convenience to the tenant is lower with a common laundry room.  

This will be money well spent since people can drop off their rent anytime its convenient for them, and you just let them know you will pick it up on X day of the month and if its not in there its late.This will keep you from having to make multiple trips and avoid any "its in the mail" excuses, its either in the box or its not, no fuss no muss... just my .02

This realtor is saying the bank may consider full ask price but if not they will settle for a complete gamble by going to auction?

I do not smoke, gamble or drink so Las Vegas was not a preferred location.

If you buy in the right area.But just buying in "Spring, TX" is a bit of a gamble ....

Not having done this before, I would like some advice on the best way to do it.Like- do I give notice and then just show up whenever is convenient for me or schedule an exact time?