As I'm sure everyone knows, the housing market is pretty locked up right now.

Honestly looking at your situation I'm not sure I would recommend you do the taxes yourself,  change of accounting method (F 3115) isn't easy for someone that hadn't done them before these online software companies make things seem easier than what they are, they are good for less complex situations. 

It sounds like you're cash flow negative, but not sure you have all the details/line items listed.

Make sure to run your numbers conservatively and based on the current as is value if you plan to go this route. 

Be sure to: call & verify employment references, request pay stubs to confirm income & check rental history by contacting the previous landlords.Keep the momentum going!

As I stated above, please exercise caution and make sure fully executed documents are received prior to wiring funds.

Can you afford a vacancy or two?

The reason why I ask is because I'm sure some people are going to say it is critical to first build a network but I find myself doubting myself because why would someone listen to advice from a 21 year old who has never bought a deal before?

Also deleting duplicate posts, not sure how you could make it so duplicates self delete or don't post for those of us with tech challenges....

@Pranita Maldikar Unless the seller is a family member or personal friend, I'm not sure why you'd want to put that much money down on the property.