As far as continuing the realtor in the conversation after that wouldn't be necessary. 

On buy-and holds we usually replace all the plumbing with pex, no matter what, because galvanized has a life expectation of about 60 years, so I usually take the sooner than later approach.Stick with hard money, like Mach1 or or MKE hard money (Scott Lurie) as they will not leand on a deal that does not pencil out, so you have the added benefit of someone experienced looking over your numbers.

We do want to settle in a little bit here while continuing to do our homework, but hope to get into something in the next 6-12 months.With the way interest rates are looking now and what little I see on public listings, I think a smaller multi-family that needs a little rehab would be the best bet. 

All in all it ended up taking just over 2 months to get the plans approved because everything had to be done by email.

Not only will this lead to you being alerted if the policy lapses, but if their pet bites someone it may protect you from a resulting lawsuit.4) Unathorized Pet- Check your lease and state laws to see if you can terminate the lease over this.

How bad is this going to continue to hold back the CRE market?

Instead of selling the home, you could continue to rent it at market prices either to the seller or a new tenant once the initial lease was complete.

Depending on how long it takes you to save up the amount, you might want to also allow for inflation on that amount for your continued savings.[2]   Read Rich Dad poor dad.[3]   Think about getting a second job - possibly a temporary job - save a 100% of the money.Just my 2 cents.

Didn't get into rentals on pupose but it's working out well and I want to continue to learn and develop my portfoilo.

Continue to network with people in real estate, go to real estate meetups, connect with investors in the forums.