If you've already closed on this, there is usually language in closing docs about how you're accepting the property and all terms have been met, so you should have not closed until you were sure they completed all terms to your satisfaction. 

Each have their pros and cons just make sure you know which is which.Cap rates are usually useless for residential properties.

Because it is outside my usual domain I find it both exciting and scary. 

Short term is usually between 2 weeks and 2 months. 

For instance, my bank is considering giving me a 10 year locked period, and when they usually only do 15 year terms, they have been giving me 20 year terms.  

You can find some on the MLS, but it is usually a battle for the good ones.

@Elizabeth Wilson  its far to early in the process.. having done this for many years before it became ILLEGAL in our state the only way we bought them was within 48 hours of the auction and usually the day before.you need big time cash and big time risk and you need to have in at title company that will give you a date down on the phone.. if your in a title abstract state that takes for ever to run title I don't see this as any kind of viable.

In most cases, if not all cases, people who own a personal residence who then rent it out do it usually out of convenience instead of logic.  

You can usually get this done with a copy of a signed lease and  the security deposit check. 

There is usually specific description of when a property can be considered abandoned and what documentation you have to have.