But following up with what Amanda said, you definitely do not want to stretch yourself too thin with money cause unforeseen issues are bound to come up.

If you settle on a price then tie it up with a contract right away and put down $100. for your option fee if this property allows for that and then you have nothing to worry about but loosing $100. but gaining a lot of experience in working through the fear of diving into your first real estate deal! 

If you follow his steps you will not loose.

And how much will you loose in retail?

I think you need to consider "loosing the land" if the proceeds will simultaneously provide you with both profit that could be turned into both income and a property that may ultimately be better fit for your goals...

And a good realtor is leaps and bounds worth that but I've not been able to find a good one for me.

I purchased a house at the sherif sale
It is in a neighborhood that the average house s 1500 SF selling at $120 per SF
This house is 2500 SF
I purchased at $151k cash
Due to a serious unforeseen issue my assumed rehab...

You loose your home field advantage, so when you make the step of investing remotly, then pick the right area over the closest area (or most convinient).

Bounded on the west by ocean, south by Mexico, North by Pendleton, and East quickly gets harsh. 

It's definitely bound to happen with carpet in a frequently wet environment regardless of how careful a tenant is.