Very good questions and while some of them are 'if I had a crystal ball' type...

I am more than happy playing small ball and ending up with a piece of land worth 20K that I will net 15K profit after a 4-5 year process.

Why couldn't you do a full screening on the current tenant back ground check, whole ball of wax, and then if they do not meet your criteria let the seller know you need to back out or the home needs to be delivered vacant. 

Keep that ball rolling and keep it up!

And if your lease is up in July you need to get the ball rolling right away.

I have received a few offers that have been nothing but low balls.

Yes, the owner could reach out to me, but my fear is that my letters go straight in the trash because a lot of investors think that everyone is looking to low ball them.

Ashish makes a good point, section 121, I believe, refers to partial exclusion on the gain of your primary home even if you live there for less then 2 years.22% effective tax rate may be a little high but in the ball park...I would estimated 18% to 20%.

I am going to speak to a few lenders and get the ball rolling.

I don't have a crystal ball, so I do not know when it will crash but in no way, shape or form, should we be seeing the current "values" where they are.