Does anyone here have experience setting up these sorts of arrangements, and if so, do you have any tips as to how to structure the lease, or anything to look out for/provide for in such an arrangement that might not be in a typical 12 month residential lease?

And finally, is this a typical service that's offered to investors?

There are no requirements in national codes (IRC or IBC) that required two (2) doors for egress for typical residential units. 

I did my part to send out the appraiser with full details on the feature list and upgrade list with cost.

The seller typically pays the commissions on both sides of the deal, and you generally wont get a discount for not using a realtor (unless the seller isn't either). 

@Bettina Cota - Typically, you are not allowed to hold 2 FHA loans.

Typical rental rates for the Kearney market are between $300-$400 per door.

Typically, the hoa will rent these homes out to make their fees back, and more, until the bank forecloses. 

We all typically have  the main fees such as MLS dues, NAR dues (not required), a fee to hang your license (desk fee), continuing education fees, license fees, and a commission split with the broker. 

If you’re purchasing with financing, you’d have to find out from your lender if they’ll finance you initially at the $220k valuation - typically your initial loan amount is based on the purchase price not the market value.