This rate for me was 3.3% on a 5 year balloon with 20 or 25 year ams.

Congrats on making a mental commitment to this industry.  

Background: I offered on a condo (still a newbie to investing myself, although this would make my third STR and second in one market), and the same day a second offer came in, higher.

Best of luck on the journey! 

In these states I assume that just like a standard foreclosure, all funds acquired during the sale that exceed the outstanding contract balance and any liens on the house go to the contract buyer (vendee?)

Ask for details on those projects including time-line and how unexpected issues/challenges were resolved. 

Avon, CT is a hot market, with multiple offers being received the weekend of the open house, which is scheduled one week after listing.My offer of $725,000 was $20,000 lower than the highest bid, but was accepted without counter because it was not contingent on financing, while the highest offer at $745,000, while the buyer had pre approval financing, was subject to financing.

I am on one loan and title, he is on the other.

They both left on the 7th.  

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.