The neighbors also report that the tenants are "really wild" (a neighbor's son hung out with them) and "stepped right off the Jerry Springer show," and they can't imagine these people will stick around for that long.I am concerned that the proper background checks were not done - am I within my rights to ask to see the paperwork for these checks that they claimed they do on all tenants?

What would be some important steps to look into after coming to an agreement with the seller?

I could only imagine the regulations you would have to jump through with creating a new airport. 

If not, your first step is to get a solid contract.

I imagine the expectation is the end buyer being a cash buyer 99% of the time.

It is amazing when they see you following through how quickly it turns around.3) Last step is we don't allow for partial payments to avoid situation of not being able to file for that month as we have collected rent.  

Once you know the answers to these questions, then easier to analyze your next step.

@Andre Harris The sheriff could have been showing up to save a stray cat, but  I doubt it...it's likely too late to consider this as an investment, but you need to cross step 1 and find out what the status of the property is.

After identifying properties and marketing through direct mail, what is your next step to purchase?

We do not get copies of the steps along the way (i.e. when a department sends the plans back to the architect for changes, etc).