the best way to gain information is to network and ask questions.

Frankly, you'll need to go to a real estate school to gain a better understanding of why owners are more of a protected class than a buyer, why we deal  at arm's length, in good faith, with an exchange of reasonable value within a value range under the  circumstance that exist, not caused by the superior dealer. 

I am thinking like you, I do not plan to ever sell, but if you do there are multiple tax strategies to reduce any possible taxes such as a 1031 exchange or the capital gains exemption.Of course a good tax lawyer should always be consulted before implementing any advice in these forums, including my posts.

Last advice: make sure to have good records an accurate / current data tape - not every loan is based on lender qualifications and LTV/LTC  - normally, the DSCR (debt service coverage ratio) carries a large weight in the overall risk profile.Much Luck!

I hope I can gain a mentor or two because I am great at being a sponge and taking action based on what I learn.

6) Assuming all goes well and I gain control of the property, since I have gone to the property, reviewed it and found out through talking to the tenant while taking pictures that this is not a owner occupied.  

I have bought and sold houses before and feel like the timing is not right for flipping. the condo will sell for $240k I would have to pay capital gains and commission so would not clear much.

You have to see what strengths you have and how they will help you with the knowledge of real estate that you have gained from reading, learning, going to investor clubs and networking. 

BP is a great place to gain knowledge and resources.  

Plus everyone puts too much weight on the $/sf cost... because that doesn't include land development, paved parking lots, curbing, stormwater sewers, possible retention pond, civil engineer, architect, etc.