What they don’t realize is there is a large number of other neighborhoods that are mostly middle class owners and renters.I also firmly believe in the potential for vacation rentals in South Lake Tahoe.

I see properties on Roofstock for example and then realize I also need a realtor to share rentals and comps and I have yet connect with an OOS professional. 

I didn't realize realize getting water was going to be so much fun haha.

It sounds like you've been renting it for awhile but only recently realized your cash flow is negative.

(Accouting for vacancy, and repairs bit considering it's a new construction I'd don't think the roof will go out in a year).My dilemma is that I feel the price is on the high side and I also realize I have an appraisal contingency. 

I do realize the risk, but I have a large savings that shadows any HELOC spending I do.

The more I'm reading into bigger pockets and following podcasts I'm getting quite educated but I'm also realizing that I need to do some soul searching to understand what my ideal end state goal is.

It sounds a little bit like you might be conflating "Subject To" with a land contract ... which is where you and the seller sign a contract in which you agree to take some forms of title, while the seller keep the deed, liens, and insurance in place until the conditions of the contract are complete.In either case, the two cases you need to be worried about are:1) The bank calls the mortgage note because they realize that you transferred the deed, which is within their right, as per their contract with the previous owner.2) The seller dies, having told not one other person that the two of you are participating in a land contract, and you have to provide the contract and proof of it's authenticity to the probate court/judge/lawyer/whoever to make sure that your contract is enforced. 

After some research, I realized I was already 3 steps into the BRRR strategy and saw the potential for growth.

A new investor appears, let's call him (Newbie) and decides to start on his/her journey to realize his dream of financial freedom. 2.