Upon final walk through found out 1 tenant was applying for rental assistance, this tenant never had a security deposit but the question is not about that tenant.The other tenant supposedly had a $1,000 security deposit.

Also, what did the seller do with the security?

If it's to acquire multiple doors, I would put 20% down (to secure best terms) and invest in additional properties. 

A heads up - before you send out your deposit accounting read the CA laws very carefully -  thankfully laws are changing to protect tenants from over charges from the security deposit - but this means there are very strict laws regarding this. 

I thought the seller was originally going to carry for at least 6 months, but I misunderstood.Instead, I need to either secure bridge funding for 3-6 months or find long-term financing. 

You need to invest in security measures: cameras, 6 outdoor motion lights, better locks, needs new flooring, roof is 30 years old.

Subsequent to the closure, JPMorgan Chase acquired the assets and most of the liabilities, including covered bonds and other secured debt, of Washington Mutual Bank from the FDIC as Receiver for Washington Mutual Bank.

With historical lows, and if you plan to hold on to the investment long-term, working to secure fixed financing certainly makes sense (IMO). 

There's residential and commercial real estate law, business law, consumer law, securities law, commercial law, corporate finance law, etc. etc. etc. 

Start networking and learning. when I started I found a mentor as well (not crazy expensive either) and he really helped me secure my first deal as well as connecting me with lenders, contractors and others.