I don't want this to be a limitation to me; I know that there will be moments in my investing future where I will have to think on my toes and make good decisions on the spot.

On the offer it asks if it's a cash deal or financed. what do I write in that spot if I'm wholesaling the property to another investor?

The area is kind of a hot spot for investors and end buyers right now so you'll find houses that have recently sold for as low as 6k and as high as 200k.

Usually you will get your failures in elbows.You might only have a few spots that need to be replaced.You can just shut all valves off.  

You didn't say how many names you bought but hopefully you only intend to spot check the list not check every one.

What you are  planning/doing is a spot on formula for success as a real estate investor.1- buying as an owner occupant is the easiest and least expensive way to buy property, and sometimes you get advantages that others don't when buying foreclosures.

That is spot on and agree 100%

He is spot on.Get a good terms/good interest mortgage and keep it performing.

I think  the sweet spot for cash flow properties is $45k- $75k with rents $700-$900.  

And I paid 60$/mo for an underground parking spot when one opened up in my building (there was a wait list).