Then finalize the deal and proceed to doing a renovation if needed, then finding someone to rent it and setting up a lease with them.I believe these are the steps I should be following in that order more or less.Any feedback to would be truly appreciated acknowledging I am on the right path or anything that I missed and would help me moving forward.Thank you. 

I'd also recommend you 'like' responses to your questions as an acknowledgement of the time other BPers have taken to read and respond your post.

They don't engage or acknowledge the feedback.

If lease doc are not available, lenders will accept 'acknowledgement letter'.

You can get tenant acknowledgement form which confirms what the current rents are as understood and agreed by the tenants since the tenants fill out the form. 

I think any good realtor will be the first to acknowledge there are plenty of bad actors in the profession.

It is simply a matter of confirmation bias.Im not even arguing that prices are falling where you see them....Im acknowledging that as a possibility...but prices are rising nationally, so as @Joe Splitrock said, it is very unlikely to have 1 thing cause two separate outcomes in 2 different areas. 

Being born poor and acknowledging it and being born in the greatest country in the world.

I include a statement in the lease that "Landlord acknowledges X amount of money previously received toward the total security deposit.

If you're smart, and it seems like you are, this should be manageable.As far as timing, one of the most honest things we can do as investors is to acknowledge that our decisions made sense to us at the time.