Last year I actually bought a property (actually saved it from foreclosure) that was assessed for $56,250 based on 35% of the appraised value ($160,714) by the county...I paid exactly $160,714 for it.....It is easily worth $200k........I could have gotten it a lot cheaper if I would have let it go to foreclosure and bought at sheriff sale, but I really wanted this property (its a business) and that process would have taken 6-9 months which means the store would have had to close.  

Can I get out of my contract easily?

Those numbers are easily achieved in many markets renting SFH or typical multi family properties or flipping.

I feel a sense of urgency to start investing soon, but as a small business owner who just showed a profit for the first time two years ago, disposable income doesn't come easily.

(Not by using Google maps because they can easily be outdated pictures) There should be some.

That could easily be a year of holding costs plus thousands or even tens of thousands of dollars in fees just to submit to the city/county.  

(Not by using Google maps because they can easily be outdated pictures) There should be some.

So im looking at a deal and it will easily meet the 2% rule but honestly not sure if house is worth the money but in that case should you still purchase? 

It's completely situational to each person, but if it will cashflow and the profits from a sale can't be easily used on something else that will make you more money it can be a good route to follow.

Two, the natural hard wood floors are protected so if I decide to sell the property in five years, I can just take up the vinyl easily and reveal the hardwood floors for the actual sale.