Usually they keep up with market rent and there is more paperwork and inspections involved but that keeps your property up to par and direct deposit is nice.

My question is what are a few essentials that you look for in a seller finance contract that protect both the buyer and seller.

The idea behind house hacking is to have income (rent) cover all expenses so that you're essentially living for "free."  

Essentially saying that the tenants can either accept the market rents (increase to $950/mo) or end their month-to-month since you plan on renovating the units.

A hard money loan would be best if the auction is only 10 days away, if you don't have the cash on hand.Another option that is a bit more of a "nuke it from orbit" option, is for the seller to start the paperwork for bankruptcy.

Essentially, your rate and term do not change, only the payment due to a sizeable paydown of principle. 

If you're using transactional funding, have paperwork correct and complete and have your transactions organized, it shouldn't be too much of a hassle to find a title company to work with.  

I'm screening for my first tenants and wondering essentially, must you always process applications in the order they are received?

Account Closed  yes you do have to work under a managing broker, but many brokerages are set up so the the agents are essentially in business for themselves as independent contractors, responsible for getting their own clients and handling all the details of their transactions.

I'd also like to back-up @Kumar Paj in that you need to get some paperwork done and be ready to go, which is what I did with the mortgage broker to get started on my first deal.