One thing I wish I had asked before I submitted offers on out of state properties was have an experienced investor or unbiased party (not anyone on the agent's team) do a very detailed video tour of the property and pay them for their time.

Best plan is to offer the existing seller/lender 7% rate for one year to give you the wiggle room time needed to get this done.

I expect to offer to keep the rental rate the same based on the market, but know when I was a renter there was always an option to go month-to-month for a higher price. 

If anyone knows an agent that offers a good policy for a property being rented to a group home in Arizona, please let me know.

Marcus,If you are a Military member you should use a VA construction loan which offers 100% financing as well as a VA renovation loan which also offers 100% financing.

Do you offer buy downs?

Have the tenant sign the docs and offer them 72 hours to make any additions to your move in inspection report. 

Do I need a lawyer? 

For example, with a strong DSCR and high credit your leverage can be greatly extended and your interest rate lowered to a point where it makes your offer price ability bump lift and yet still be profitable.

So you just go ahead and cancel your offer and you’ll get your money back.