We bought much of the furniture new, choosing premium quality for the main rooms, and supplemented with discount deals online or some lightly used items.

I'm new to real estate investing, and I'm seeking to learn and start investing for income generation and wealth building.

A PreApproval is there next tier, in that it also is reviewed by an underwriter for pre-approval of income, asset and credit documentation. 

Establishing trust and open communication with a warning can sometimes spark a change within your tenant.If the problem continues despite your efforts to resolve it with a warning, it may be necessary to take legal action to avoid losing out on further rental income.

Read through the court documents online and it doesn't appear that the owner on title attended any hearings or tried to stop the foreclosure. 

Once you build up enough income/wealth, then you can start to transition.

I can not find very much info online around this. 

Join online forums, go to local gatherings, and use social media to expand your network.

However, as a millennial with only 80k in income actually moving into the property and claiming NY residence would have been financial suicide.  

If someone is working with a lower balance of funds like I am, than I'm more likely to prefer cashflow so that I can continue to afford the property as well as my life style.If I had some disposable income that was in excess of what I need to live on, than I'm more inclined to look forward towards appreciation because I would have enough wealth to take the hit now for the bigger payment in the future.