I also need to make sure that I honor existing leases for existing tenants.Any tips on my next steps in the process would be very appreciated.

YUP when it was legal to do these in Or and WA It was my main business model.. we still bought at court house steps but only after we failed to get the owner to deed to us and let us buy sub too..Now this comes with risk.1. usually not enough time for title company escrow so you buying without insurance.2. old owner may squat even though they say they wont.3. bank can call the loan all over again but you have plenty of time to sell before that would happen.4. you miss something with your do it yourself title search.what you need is an Authorization by the owner signed with their SSI so you can contact the Trustee service that is holding the sale and the bank .. to get accurate payoff numbers.. then you simply get a cashiers check or wire to the trustee or service and reinstate the loan at the same time U prep a deed from the owner to you.. 

My net profit on top of the original $200K investment is $62.5K.4) wait at least 2 years5) after 2 years following the cashout refi, sell property at around ARV, $350K(I am actually skipping/combining a part where I do a Delayed Finance loan to get 75% of my money back asap after the initial acquisition, then do the cashout refi based on ARV after 6 months of seasoning).My first question is, are the above steps sound, strategically speaking?

step by step?

Of course, there are many other things before making the final decision, but once you have your strategy figured out this will allow you to get one step closer in the process. 

Once they pass your "on paper" application, the last step is go visit the place your applicant lives NOW. 

I think a large part of reaching your goals is taking this first step.

Your lawyer should be in the best position for the next steps.  

We’re just at an impasse of what the next step could be to secure this property. 

Once you agree upon a price these are the steps to follow: https://www.thanmerrill.com/closing-real-estate-deals-9-steps/Good Luck!