You are skimming rent for the period between acquisition and foreclosure.

Hello, I am trying to pickup my first buy & hold (first real estate investment period)...

There is no statutory holding period.  

Chances are, the closing will have to be extended in order to either do repairs or negotiate a new price, as the Fannie Mae closing process is pretty cumbersome and specific and you'll need an amendment and new HUD if you renegotiate or time to do repairs if not.

Emily, sent the her agreement to us after the next months cut off period and simply forgot she told me but the real reason was she wanted to make a deal after the deal was already made.  

I and currently in Long Beach, CA  and in a few months l will be locating back to KC MO to live the rest of my years there with extended family. 

  ( My Life ) So I ended up showing the property to 3 investors in a 2 hour period and the seller was answering every question the buyer was asking me.

You can certainly rent homes there but here is how it works: you may experience longer vacancies because it's a more established home owner area but you will also have tenants that will tend to rent for longer periods of time! 

If you do an option, you'll be paying taxes on the option price received in the period the option is given, then if it actually taken, you can ask for it back, if there are no taxes due from the sale.

The title companies I've worked with will accept certified funds (money order or cashier's check) and will also accept personal checks, but they have a hold period on the account (I think it is like 5 days).