Based on the facts in your post I would lean more towards purchasing a home that is in turn key condition, enjoy the equity, and tax benefits while you educate yourself on other details of real estate. 

We tried them as a result and they were very process oriented and detail focused. 

If it was a foreclosure auction although you technically shouldn't get in right away you certainly can but you won't get the deed or even legal possession for at the very least a few weeks.

The more technical sounding might help you. 

If you own several smaller income properties, a vacancy in one is only a fraction of your monthly income.If you feel like posting some more details of the current prop, I'd be happy to weigh in again - it might be a total winner and you'd be silly to sell it, who knows? 

I have been learning a lot through online sources, but one area that I am still unsure of is how much detail a Purchase and Sales Agreement needs to have when entering into a contract with a motivated seller.

Technically, the rules of civil procedure say I don't have to appear for oral hearing if the debtor didn't make an appearance, but most judges make us anyway, so that is additional JF fee. 

So maybe you fight through 2-3 years of saving every penny and buying properties and then just life off your investments.Obviously I don't have all the details of your situation, so I am just presenting one idea based on the information you have provided.

Technically yes, that is what happened, but the 33-year journey from buy to sell was a rocky one at times.

After Repair Value /Comps - Provide comparable sales data that confirms your After Repair ValueRepairs - Provide a detailed estimate/scope of work of the repairs that you are planning for the project.Loan Terms - Provide the financing terms (interest rate, points, holding period) you have budgeted to pay the lenderHolding Period - # of months it will take to rehab & resell the propertyOther Costs - Provide a breakdown of other costs (buying, holding, selling & financing costs) Profit Margin - Highlight the total profit & profit % you have built in the deal.