I was worried about this based on the google searches but have not taken a deep dive into the tax code.

Take a deep breath...

I feel I have a somewhat solid base of how to go about market analysis but am starting to worry that I am thinking to deep into the process or may be missing some key areas I need to look into.

@Deep Johal thanks for the encouragement!

I remember in the deep dark days of 2009  some markets like parts of FLA had 60 months or more of inventory.. 3 to 6 months is industry norm in most markets.. 

Get obsessed, and be persistent read everything, listen to podcasts, audiobooks, go to meetups, network on BP, post on BP often, talk to everyone you run into about real estate.if you live and breath real estate, you will be successful: guaranteed.

You can start by trying to learn a little about all types of investing or finding the best form that aligns with you and dig deep into it.

Warning:  the haircut is DEEP!!!!   

It has been much more common to get a deep discount on the second mtg, since being underwater the bank realized that money is likely gone forever, so no harm in discounting it now.

I don't want to dive deep but want to start slow.