You don't have any control how that cities economy going to perform during the time in which you own your rental.

Don't forget to put in some sturdy bedroom doors and a keying system you can control for both the front door and each bedroom if you are going to rent them individually.

After a lot of stress and lost bids, it's nice to finally have my first deal.

Just gotta factor in some extra lost rent when planning cash.  

Thankfully, Northern VA area has robust rental market, so I would rather buy something that doesn't have an existing tenant and then put a brand new tenant, and that way have full control. 

This case is for owner occupant.If the property is tenant occupied , then after you receive your deed (title) you must make contact and find out if the occupant has a true lease . the following tenant act was created .Your Rights Under the Protecting Tenants at Foreclosure Acthttps://www.shra.org/Portals/0/pdf/hot_topics/Fore...At the end of the day you will achieve full control and possession of your propertyHope all this help a little

Unless you have control over the price of the area / market, the price of the property will likely be sold based on the comparable houses in the neighborhood.  

How do you ride through a recession if you have no control over when the asset is sold?  

Does FHA allow it and will they be able to close on the property or will the escrow be lost since its a cash offer?

Sure, I lost a few tenants due to job losses, but I had NO problems during that time refilling my vacants.