In addition to accepting $40K less than ask, I forgot to mention that I already gave the buyer $5K toward cc.SOL on backups at this time even though we left it on the MLS to show while under contract. 48 DOM. 

Off-market property, which is likely the case if you were buying from a wholesaler, has no financing or appraisal contingencies most of the time.  

Agreed with Stephen, I dont know your market but we have many illegal multifamilies.

Also, when we signed up, the sale agent didn't give us a hard copy of the contract and didn't disclose all the fees that involve with city.In addition, I also found out from my research and from my brother in law, who recently purchase a home, that the hero program is not what it seems.

I am not a lender but I work with a lot of buyers who utilize second home loans and I am 99% sure you cannot buy multiple second home's in the same market. 

After buying one property how soon can you put yourself back in the market if you do have enough reserved for down payment/closing cost? 

This new property is roughly 1,600 sqft, with 3 beds and 2 baths.We see this as a unique opportunity, especially considering how rare it is to find this price for new construction in the California market.

This means researching the market, understanding tenant demand, and ensuring the cash flow comfortably covers the loan payments.

PM, sales, rehab, marketing, everything.

If you look at Orlando, 365 market for the most part but it is one of the toughest markets to succeed in.