The price was great, but I found it a nerve-wracking process the first time because it is so different to purchasing through the traditional channel. 

I would go to our title companies title plant and have the title examiner show me how to look things up.. now keep in mind we were the largest client at the time for that small title company so I got a lot of perks.. but where I really did well was in the map rooms scouting out showdown plats.. that is one of the best ways to find value.. 

That was a weird feeling but when examining what I was holding this was the only property I felt I would have regretted not selling if the market flattened out or dropped.

After the inspection report came back, the house will need the following work (and this comes directly from the inspector): 1-The two oil-fired boilers must be professionally evaluated and serviced by a licensed HVAC technician to determine the life expectancy and the evaluation of the firebox as well as its efficiency.2-The asbestos in the basement must be professionally encapsulated or removed.3-Need to have a licensed plumber REPLACE the corroding electric water heater for the rear unit.4-All items listed in #8 that are asked to be replaced, should be professionally replaced or given appropriate credit for replacing by new owners.5-Need to have a licensed electrician examine, address and replace all wiring throughout the house and garage.

I have been in the insurance business (claims department) for the past 16 years and have always been interested in real estate but never had the nerve to pursue it further...I am confident today is the 1st step towards my pursuit of being a full time investor one day.  

But if you charge money to show up, they'll say "the guy has to nerve to charge just to show up".That's why when my tenant calls about a leak under the sink, I call my plumber, he says I'll take care of it tomorrow morning at 8:00am and it'll be around $100.

The absolute lowest income tax strategy isn't always the best for the taxpayer.Regardless of the path chosen, OP should definitely consult a pro who can examine facts and circumstances, as well as goals.

I will also use the BRRRR process on this one after 6 months of seasoning.I am looking for some advice or suggestions on how to calm my nerves considering that I will have to carry the HELOC and personal loan 6 months while waiting on seasoning.

This year, I decided not to renew the lease when it was up because the tenants had started wracking up unpaid utility bills and had been late with rent several times.

Best to speak with an attorney and CPA who can examine your individual facts and circumstances.