I watch numerous property TV shows (such as the property brothers), or that one show where they buy a house via auction and all they're allowed to do is look at it from the outside, make the decision to bid, and instantly they can make $60,000 just by buying it or by a real downer where they have to fix a bunch of stuff before they sell again....

For instant job replacement, you need to focus in big apartment.Multiple Single family is great stable retirement formula.

My plans were to buy it right with an all cash offer to save a monthly mortgage expense and have instant equity, then a year from now I would move out and obtain a loan or heloc for a second home that I would then live in and eventually rent as well.

We instantly learned that for the next purchase we needed that addendum to be in the purchase agreement.

Also, it tends to create instant good will that you care enough to ask their opinion. 

With a license and an association with a broker, you are instantly in a conflict of interest IMO.

They go to discuss how this is the perfect property to negotiate a short sale and they suggest trying to get the property from the lender for $169,000 producing an instant equity of $41,000.From what I've learned here that doesn't sound like such a great deal to me.

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While it'd be a great feeling,  to instantly be debt free, wouldn't it be a better feeling, to use all the rental income, and be debt free in under 5 years, and an additional $700/month, and have an asset worth $65K?

Let's say your exact property one block away is renting for $1000.00 per month and yours is renting for $750.00 per month, that is instant equity that a good manager can recover for instant income.