Hey Sahil, totally can relate with you being from an expensive real estate market - I moved to Columbus a few years ago (from Portland, Oregon which was super expensive) to become a full time real estate investor, and ever since, I've completed quite a lot of BRRRRs, flips, and own a successful rental portfolio here in Columbus Ohio.

We have already seen our property go up enough in value to completely offset our payments in just 6 months.

If its going to sale, there would be no "contract" so, it sounds like you are not buying a foreclosure at foreclosure sale but instead, maybe an REO?

The expense side would be completely different because we would not be taking on their lease, or any of their expenses.

you need all 3 of those. no offense but just to be direct - it sounds like you may not be ready to make offers.are you looking at properties in person? 

I'm looking for something simple that I can use to complete a project.

I found one I thought was a sure thing, home was bought for $27k, comps put it in at $195k...sounds great right?

Love seeing people get started in real estate investing :) It sounds like you're doing all of your research and have a good gameplan.

We are currently taxed at 25% income tax level, 14% sounds a much better choice.

I am particularly interested in areas which I can either start earning right away as short term or long term rentals - Miami area or Bay area sounds like a good option for me.