They didn't counter or accept.  

Many people on here will swear up and down that is is acceptable. ...but really the only one who give you a legitimate answer is the real estate commission overseeing the jurisdiction where it is.

Ill obviously have an inspector confirm this once an offer gets accepted.  

A good applicant can be turned off by such things, a new tenant seems to be more accepting.

I would like to see cash flow but have to accept the fact that it may not for a few years.

Your best bet in my opinion would be try to get sellers to finance to you and put as little as they would accept.

I try and have around 25% of my offers accepted...Some of this is personal preference, but most will be fairly standard.  

If they accept, you discuss the terms and length of the closing, explain the need for an inspection period which is normal.

Section-8 has a list of zip codes and acceptable rental rates.

Bank was asking 130,000 but my offer was for 64,000 and it was accepted.