My purpose of bringing the buyer broker wasnto ensure our best interests are taken care of.

If you understand the risk and it's worth it to take the lesser policy for savings purposes there is nothing wrong with your policy. ** However - If that type of scenario would be financially devastating then you should really consider a replacement cost policy.   

I am looking to get started soon but I am not looking to make a quick move just for the purpose of saying I have one property in my portfolio, if that makes sense.  

The real question is, does operating at a small loss fit your goals, investing criteria, leading up to your purpose?

This is done on purpose so that buyers and sellers,other brokers and agents will not go through the process of filing when they are just being vendictive or venting.In your contract before earnest money goes hard you could have a reinstatement clause where if the acceptance in writing at XX price is not received by this date then the contract will be terminated with the right to reinstate if A,B,C stipulations are met.If your earnest money is small and an attorney is hundreds per hour it may not be worth it.

Further East of Rogersville is a town (Athens) that would be good for such a purpose.

The world is still catching up so it can be real tough to classify those deals for track record purposes or financing. 

@Brandon Turner that's sad, but fortunately there is insurance.Recently a friend's apartment house (he's a renter) was PURPOSEFULLY set on fire by another tenant who had mental health problems.

We use Mica Magic at work for this purpose and they do offer a 5 year warranty so at least there's that.We just replaced a tub in our a new house and my husband was able to do it himself.  

@Jackie Garcia Is the lender aware this will be used for business purpose?