I usually add on special terms, that inspection period does not begin until access has been granted to the property, financials and leases have been given to the buyer, this helps with the urgency since inspection is contingent on these things, so if they take 5 days to give them to you, your inspection starts then, and your not at any risk of losing EMD.

The typical waiting period for a cash out is 6 months, and this is based on Market value if the property.

If you paid all cash you didn't even have to wait the 6 month seasoning period you could have in theory done it the day after if you would have liked.

Also instead of locking up a bunch of money doing a brrrr wouldn't i be able to buy multiple homes in that time period by putting 20% down?

If it isn't too far out of your way, you will probably feel better if you check on it periodically (with his permission). 

Is this standard for a property to drop in value over 100k over a 15 year period? 

If staying in a motel for a period of time doesn't bother them, they have low standards. 

Recently applied for a loan and was denied based on credit score.I have never had a credit card and the only thing affecting my credit score are some old medical bills.Any ways I can build my credit in a short period of time without getting a credit card?

There will be a lock period up front where the interest rate won't change, and that can range anywhere from 1 - 10 years. 

Also rent must be paid in poems now, no more US dollars, and there is a 4 year arbitration period before you can evict for nonpayment.