You can walk away after all selling fees with a nice profit, but I would not sell it right now.

Ideally I would like to use the profit to pay off some of my principal on current primary residence mortgage and use the rest for investing in a townhome that I can rent out...Thank you for your inputs!

Buuut, there has to be a set of criteria that make this setup a reasonable/profitable situation.

I am already way over budget and the bid number could eat all if not most of my profit at this point. 

I will promise the owners $1000 a month for 5 years and have permission to sub-lease and am keeping whatever profit I can make (say if rented for $1500). 

Then save the difference so that you can buy when you are living in a different market with better returns later or when you have researched another market well enough that you can buy a rental out of state and make a profit.

Thank you everyone @Dmitry Formichencko , Paul, Allen, Ty, Derek and every onesI have retirement account Called prof it sharing.

I gave him a weekly salary and a percentage of profits on the job.  

If you're continuing in your investing career and are thinking to use the proceeds from this sale to purchase more investment real estate then the 1031 exchange is the perfect tool to let you do that and not have to pay tax on the profit and depreciation recapture on the sale.

When the tenant buyer exercises the Option to buy a few years later, generally that has bought down our underlying financing and we split those profits 50/50 as well.