Obviously I would prefer the bigger valuation, but this is my first large deal and not sure how it might be evaluated.

This means YOU need to learn how to evaluate a rental application!

Obviously I would prefer the bigger valuation, but this is my first large deal and not sure how it might be evaluated.

The whole idea is that they want a "guarantor" who has assets they can easily go after.

This will open up a lot of resources and allow you to more easily find/connect to others in your area. 

Rent comps are around $2100 easily for a nicely redone townhome in this community.

So now you have a former carpenter evanluate an electric system or an former electrician evaluate a cracked carriage beam... - sometimes almost comical, if it would not be so serious.A great inspector is professionally trained in this field (not as a contractors), uses software and has a systematic approach to evaluate a home, identifies all problems correctly, but can also explain the real world consequences and not refer for everything to "further evaluation by a qualified contractor".

I had permission from the seller after the 3rd delay to market the property (which I did with all the appropriate caveats), but as a result, I could only rent it for $1500 (plus utilities) even though I was renting by the door, and it should have easily gone for $1600 by the door even without furnishings. 

Thanks for the reply Joe, so cash flow is what I should be using to evaluate the deal correct? 

As a whole, you and the seller really don't easily save money by not having your own agent.Many investors like to work with the seller's agent for different reasons, but that just another hornet's nest..N.B.