Additionally, you'll likely want to make estimated tax payments in order to avoid potential failure-to-pay penalties on underwithholding for tax liability - this is something else a tax pro can help you with.As far as finding a tax professional, check around with other local investors to see who they use.

This property taught me that at the end of the day, I am ultimately responsible for the success or failure of any project I am involved in.

Every deal calculate what failure looks like.  

Almost 50 houses later and I still lean on the lessons from that first epic failure!

You are putting up yourself for failure by overleveraging.

Tenants are tricky.....they will try every thing they can to extend their stay and undermine your property, and set you up for failure. 

My intuition tells me that you are right about the business failure due to wrong area.Unfortunately,  if I moved to either of those locations, positive savings rate would go negative and would cost me between $900 to $1300 per month.

Failure to plan is planning to fail.

When doing this, I have the former owner / new tenant sign an addendum to their lease that requires them to admit that the foreclosure was properly conducted, their ownership rights have been extinguished, they have no equitable title claim, there has been no promise to re-sell the house to them, and that their interest in the property is the same as any other tenant, and acknowledge that failure to pay rent will result in the service of a three day notice to quit followed by eviction if not cured.

I'm sure the failure rate is similar to real estate sales (~90%).