Your bigger play is in growing your side business and growing your rental portfolio, so I'd focus on those two things.As far as market selection, that's a key piece to your success when it comes to buying rentals.

And, once a property gets into Lis Pendens, securing title insurance is impossible since the title is "in play." 

With that much capital at hand I'd play your cards, utilize local knowledge, and find that DEAL. 

ALEX - I have been wanting to get my feet wet with a BRRRR so this might be the play. 

Giving the current uncertainty of economic situation, should I wait a few months and see what plays out?

It was a well priced asset in a good area that offered a large value add play through operational efficiencies, thus minimizing the risk that's associated with physical value adds.

Without this the rest of you liability tiers may be voided.2 - Umbrella policy - pretty much another no brainer - its cheap protection. 3 - manage debt loads - if you are comfortable keeping a higher debt limit, it is a strategy to reduce your net worth and make that target smaller. this comes into play when considering tapping equity in existing properties.these 3 should get you started. but its all up to your own risk tolerance.

I'd love to get to know other local investors who have made similar plays and get some advice on the areas I'm interested in investing in.

Many solid and popular books about rental property investing have already been recommended here, so I'll suggest some less obvious reads...Liar's Poker (Michael Lewis) for pure entertainment and a primer on how Wall Street supports liquidity in the housing market.Home (Witold Rybczynski) to appreciate the many different ways people want to live inside their homes.What Every Real Estate Investor Needs to Know About Cash Flow (Frank Gallinelli) to understand when and how to deploy key financial metrics to make better decisions.Handyman In-Your-Pocket (Richard Young & Thomas Glover) to be your own handyman and/or check up on contractors and subs you hire to work on your rentals.Have fun and don't forget that you'll learn more by doing your first actual deal than you will from all the books in the world.

If that's the case the IRS lien is not extinguished by the foreclosure and therefore the 120 right of redemption does not come into play.