You don't want to mess up the procedures because it will result in delays or a judge will allow a tenant to buy more time as in 30 days or more beyond the normal expected process because you didn't follow the correct procedures.

Diversification is what many do to minimize loss.

If you stuck with existing property...Have you considered all ways to minimize monthly expenses?

This will allow her to pay her rent without fees and assure I collect rent on time without delay, but am unsure of the process.

Your agent is stupid,, call closing / title agent that handling the closing,, you should get a closing statement prior 3 days to closing,, see if rents / deposits are on that equal to Septembers rent.. if not say you'll have to delay closing until that's figured out..

Ya, once in a blue moon someone cares more about minimal down or CoC ROI than they do about finance charges, and we will do an 85% LTV SFR investment property.

You can cash out under delayed financing exception. 

Nursing will delay your financial freedom by 20 months and tens (or hundreds) of thousands of dollars in debt. 

There will be hard money lenders there, wholesalers, etc. you can start to network.Finally- with your cash, hard money, etc, you can cash out right away using Fannie Mae delayed financing.

While the risk is minimal, I would go ahead and get it taken care of.