Sit back and relax for a few days while the 10 days runs out and know its all being taken care of because you've paid someone to do just that.

Totally agree ... for me with leverage, it is not a question of yes or no, but more of what degree of leverage can the investment safely support and my wife and I (and other business partners if applicable) are personally comfortable with.

Nothing amazing, but definitely a comfortable first investment. 

Again, people thought I was crazy for leaving my job for the unknown.Looking back, I often tell my friends that if I had landed a great job out of school and been offered a good/stable salary with health care and retirement options I probably wouldn't have felt comfortable making the plunge into real estate.

They apparently feel comfortable letting your offer expire risk wise.

I've been looking for a property for the past couple of weeks and I figure we can comfortably afford a  20% down payment on a house worth $160k.  

not sure if i am comfortable with that sorry

It's all about getting out of your comfort zone with "training wheels" with your first few deals.  

Do as they say, but if you don't feel comfortable serving papers, you can also have the local sheriff do it.  

It all depends on where you're comfortable investing.Regarding your reserves, $20K per property seems insanely high to me.