Multiple offers situations are the rare exception, not the norm.

Good call, getting multiple bids is definitely the plan.

There is a reason why I buy properties that cost a multiple of what typical cheap rental properties are going for.

He has multiple funds losing money and he's starting new funds and selling coaching services.

Thank you all for all of these great perspectives and things to consider, I really appreciate it!

You should have ample reserves and make sure the house is not a money pit from the maintenance perspective. 

@Henry Lazerow, thanks for your perspective.

My buddy just got burned by someone borrowing from multiple people where the others weren't aware of each other and they thought they were the only one lending, etc.It all comes down to how well you REALLY know each person in the deal, and then, "do you REALLY know them?"  

I work with a real estate investor who owns multiple rental properties in Las Vegas, and a while back he shared some insights that might help.

It’s just part of the game**They have multiple leads & opportunities in play- If you’re banking on one contract to make or break your business, you’re already losing.