We signed a 3 year lease, and, long story short, it was not good times for anyone involved.

This is our first attempt at purchasing a short sale and are not sure what the best financing route would be.

I know for me starting out in real estate it was a lot about building short-term wealth but as time has gone by I realize that real estate investing can be much more rewarding as a long term wealth building strategy. 

There really are no true short cuts to success in investing.

The great thing about buying SFR for a cash flow rental property for the long term is even if values drop in the short term because of a down economy rent prices increase because no one wants to purchase housing when home values are falling.You just need to be a little careful in the area that you are trying to invest.

You can take your long list and make it a short list by using the amount with the knowledge that most things that have a greater assessed value have a greater tax amount. 

This particular property is a Short Sale in Cincinnati, OH and has about $2k (1 years' worth) of past due taxes on it.My contract with the Seller reads, "At closing, Seller shall pay or credit on the purchase price (a.) all real estate taxes and essments, including penalties and interest, which became due and payable prior to closing...."

Cap Rate is not subject financing so I'd compare it to CoC (cash on cash return) to see if this property would be better for a financed buyer vs a cash buyer or to see if this property should be held short term vs long term, etc.

Long story short he showed me the "good side" and I decided to buy my first investment property.

Thus, I actually own the property, even if its for just a short time?