Our plan is to purchase again with a better mindset of turning that into a profitable rental.We have diligently completed all the necessary steps and are on the verge of signing a management agreement with a property manager.However, we are experiencing some doubts.  1.

Actual cost takes into account depreciation so complete destruction of a property could leave you under water in terms of the amount paid for the loss.

Sounds like there are more than just 2 options. 

Alot of unknowns as you don't have the ability to walk the property beforehand, but interesting process, and pretty good deals exist there.While the Trustee Sales are cash purchases, there are many hard money options that can turn over the funds in time for the 24 hour funding required to complete the purchase.If you are interested, let me know and I can go into more detail, as well as make some other suggestions for you to consider. 

There is still a lot to learn but sounds like you are on the right track. 

Plus the reviews above sound very bad.

Another key change is making sure your contractor actually sticks to completion deadlines...why, because of how extremely tedious permit inspectors are getting in some cities, which can slow progress in and of itself.

Sounds like you’re in a good spot to keep growing!

They sounded very promising and seem like they was right for the job, so we hired them to do our 2022 tax and to help do our tax planning for 2023. 

. ;-) The following is just general informationIt sounds as though the seller has an investment to sell, not his private home.