If you want to take it to the max, then each element you highlighted becomes a factor and you then add all together to come up with the cap rate.

What I like about the site is the ability for potential tenants to apply online.  

Too many people get greedy and burn their ability to build long term partnerships.

The current lender will likely Not consider financing you, short sale regulation issues.The current bank will require your offer go through the listing agent and Will require you show the ability to buy the property....pre approval from a lender, and perhaps proof of the down payment required.  

There are still bogus pre-approvals out there and I'm not taking my client's home off the market unless I'm sure you can pay for it.And as @John Thedford said, putting a property under contract without both the ability and intent to close on the sale can result in a lawsuit for "Fraud in the Inducement" http://legal-dictionary.thefreedictionary.com/frau...

Of course, there are credit risk metrics that we keep an eye on in case the client's ability to pay deteriorates further. 

You'll find out along the way where you want to fit in long-term (investor, lender, property manager, or whatnot).If you want to be in business, but not sure about real estate, then your ability to make a business money may count more than any degree.

The best way to combine these elements into a single analytical framework is to project out the financials and compute an IRR ... this will give you a more complete picture of potential investments.

Understand the basic elements to be criminally prosecuted for "Fraudulent Inducement" (and see if it sounds a lot like "wholesaling" to you a. 

Right now I have my direct deposit going into a Bills account, from which I pay off my credit card every month and pay my primary mortgage and all fixed expenses like utilities.