If I wasted 55k paying off low interest debt i would lose out on a LOT of trading income and I would only gain the minimal interest saved on the student loans and nothing on paying off the car.Also, criticizing someone's purchase after the fact doesnt really do much except come off rude. 

Then they buy something and it's a nightmare to them because it does not match up to what they had in mind.This is why it is critical to work for somewhere for awhile in that industry to get a grasp on it or have some option period where the seller shows you the business but you have a chance to back out within the option period. 

Someone is going to criticize me saying photoshop but I'm saying do it!

It's critical you use a Realtor who has experience with REOs.

I've been looking into a few in the San Antonio area (we are nearby) as well as out of Texas such as the Midwest, but it seems hard to have a good critical appraisal of a company from afar. 

By defining who is responsible for what, staying accountable for that function, and staying in one's lane is critical to valuing the contribution of each partner. 

I've been investigating the idea of looking for off-market pre-foreclosure properties specifically, and I'm wondering if anyone has any tips or stories "from the trenches" regarding how to do this successfully and how to avoid any critical pitfalls. 

@Andy Vasquez Lots of constructive criticism in this thread.

Preparing for that next property is just as critical as putting in the right offer with the right financing.

What I put below is not in any way prescriptive, but maybe it will help you think critically and creatively as you take steps towards being a real estate investor. - You're a young dude.