And the fines and penalties are not worth it.

Normally it will be some form of sending itemized list of back rents due, late fees, penalties, damages that exceed normal wear & tear, a check for balance if they're owed any, or bill for extra money due if damages exceed deposit, then mail (with proof you've mailed) to last known address. 

You do not want your pre-approval higher than your offer because otherwise they know you can go higher.Understand the details of the loan... if it balloons, early payoff penalty, closing ability - how fast can a appraisal be completed, underwriting, etc.

The deadline was Jan 31st though, so it's subject to late penalties now. 

It would be a good idea to ask the lender about the prepayment penalty on the loan.   

The upside is we don't have to do any repairs and such if they do start turning up, The money is there for my mother's care, and we don't have to start cashing out her other investments and paying penalties to do so. 

The penalties for ignoring it can be pretty expensive.

New investors are typically told - don't pay up front, try to buy your own materials, and put penalty clauses in the contract. 

Check your Management Agreement to see if it specifies how many days notice are required to terminate the contract (30 is customary, but your agreement and/or local law may state otherwise) and what, if any, penalty there is.

and then the penalty for needing to move a tenant out.. which in the bay area some cities that can run 20 to 50k.. and now in Oregon no cause evictions cost you 4 k