I planned for it financially, but it's a headache for sure. 

Of course, many investors bend/break this rule, but that's another risk.2) If your bid wins the foreclosure auction, you then have to deal with getting rid of any occupants - who may steal/damage everything they can in retaliation:(3) You MUST have a great crew on the ground that can minimize surprises - not easy to do on your first deal.Regardless if you buy a foreclosure or other property, read our copy & paste advice below:-----------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

On top of that, our STR management company now oversees more than 90 listings under the Cozy Co-Host banner.My wife and I have transitioned from the typical 9-to-5 grind to achieving financial freedom as business owners and real estate investors.

On top of that, our STR management company now oversees more than 90 listings under the Cozy Co-Host banner.My wife and I have transitioned from the typical 9-to-5 grind to achieving financial freedom as business owners and real estate investors.

Financially my full-time job is our main income as a family.Job is demanding.

You do lead me to a point of maybe I should investigate their financial stability a bit more.The guy with the 4 plex I talked to WAS thinking about taking the $120k.

To align with community property laws and avoid legal or financial complications, consider forming a jointly owned LLC with your wife as a member.

If your priority is building wealth sustainably and positioning yourself for long-term financial independence, I’d strongly recommend considering properties like duplexes, triplexes, or even quadplexes.

Seems like you're in a great financial position. 

If you need financial help, ask under the "Finance, Tax, and Legal" forum.