We just put an offer on our first investment property.

However since I first made an offer on this property four weeks ago I’ve seen prices nearby rise about $40K on every type of new property that’s been listed.

Hello - Is it possible/legal to sell or somehow transfer a rental I own to a SDIRA? 

On top of that, you'll incur legal fees and costs to prosecute the case to get a judgment.

I would check and see if this is something your bank offers, or alternatively a lot of PM software has the ability to do it for a small fee too. 

Anyways, we had someone make an offer on our property that would get us out of the deal and breaking even.

They also said they offer fully amortized long term loans!

Most states will award 3x the deposit in damages if you are sued so you better be in legal compliance. 

These steps are learning, looking at the market, getting your money ready, picking your plan, getting a team, finding a place, checking it out, making an offer, and handling your investment.

If you want to be an armchair investor, you can probably find easier asset classes that will offer a better return despite what your initial spreadsheet numbers might be telling you.