But, to your question: I allocate $50k to buy each property but I don't always need to use the full amount.

Once a person is added to a rental agreement, they receive the full rights and responsibilities of tenancy.

Initially I only paid 10%.. but next day I paid full amount, got receipt from sheriff and some paper with stamp on it that says record of sale/interest....To me it seems like this is all clear even at this point deed has not been recorded, I told bank that I paid all the money to sheriff and they'll send the money to bank shortly...Is this all clear now for me to take possession ?

Take the money do a full renovation to get the place up to standards .

My plan is to keep my current job as an Industrial mechanic, and invest on the side while still working my full time job.

I don't know all the facts here or your full situation so I will refrain from giving my opinion but seems that would be the clear-cut answer based on your one-line post. 

Then, I'm not sure if I want to go the safer route and save for another rental (from the income of my full-time job and the 1st rental) or finance the 2nd rental (and have two rentals and my income pay it off).

Then, I'm not sure if I want to go the safer route and save for another rental (from the income of my full-time job and the 1st rental) or finance the 2nd rental (and have two rentals and my income pay it off).

Yet it seems like the “thing to do” is to leave the job market and become a full time investor.With it getting harder and harder to find deals in real estate, and with the margins getting smaller and smaller in general, will investors who have left the 9-5 to persue their dreams of investing in real estate full time be forced back into seeking a job to pay the bills?

Offer 2 is full price with 4% closing and a $550 home warranty.