A little more info about your contract might help better judgement as to why you think you can't get out of it.

I am a new investor & was wondering if it would be better for me to just concentrate on judgement liens properties, or do wholesale until I can build up some capital??

Judgements will tend to go uncollected unless your state has favorable garnishment laws (mine does not).  

Against my better judgement I went to the place.

Is it possible to put a judgement/lien for the outstanding sum on to income tax return instead of garnishing wages (these tenants don't work and get federal assistance). 

Then make your judgement on what course of action to take.

@David DachteraI thought tax returns and certain land record instruments could allow a judgement creditor to determine who the beneficiary is. 

I feel excited to get a property soon, but you always have to remember don't let your excitement cloud your judgement.

Now if the person is analyzing the NOI and makes the judgement to pay $2,000,000 for $100,000 NOI then he thinks that NOI is more desirable than paying $1,000,000 for the EXACT same $100,000 NOI in a perceived less PROFITABLE market. 

(I am not saying who is right/wrong, and he is entitle to his own judgement).