Since the cash flow potential initially is so low, this could make or break the deal.7.)

RE investing is so complex that you need to take the time to really find out what you want to invest in.

List price was $50k and the market value is $47k (according to Zillow, but not sure how accurate that is). So

Since my rent is so cheap should I buy an rental property first or buy the house I’m in and build up equity and eventually get a HELOC or cash out refi?

On the other hand, if you're trying to leave your jobs in a matter of years and live off of rental income you will likely have to go a different route.That's a very small cash on cash return and I personally would want more cash flow, especially since the house is so cheap and your amortization/appreciation will be fairly low. 

Any feedback on this deal is so appreciated! 

There is so much value in this site! 

This is so crucial for starting a business with multiple people involved.

Well, kinda late for it, but I'd take a look inside while you can work on it since moisture invasion should be repaired as soon as possible.In general, foreclosures are pretty much "as-is where-is" so read your sales agreement to see if you have any recourse.Don't know about TX, but in OR when you buy foreclosure, you get a Special Warranty Deed.  

Well... they haven’t put their trash out I was even thinking about going thru their trash but the house is so dirty that I gave up.