No you do whats called a credit bid.. you already have your money in the deal and your expenses  and tax's if you paid those.. so what ever your owed plus late fee's and interest and foreclosure costs any money paid to senior lender and insurance any property tax etc.. all that is added into your credit bid that your entitled to.. your not entitled to more though. 

I’m thinking of selling life insurance part time to save money or should I just put all my focus on real estate?

Low taxes and insurance.

What are the taxes and insurance?

Insurance is all you really need to protect your assets. 

In just over a year I earned $103k by getting creative with what would typically be a standard flip or wholesale deal.

You can knock on the door and claims to be “from the insurance company” or something but more often than not you’re gonna have the door slammed in your face.

The rents for my size properties are between 2200-2500, my payments with taxes/insurance, water are 1800$.

He is licensed, insured with over 10 years experience.  

If you're doing a rental, and it's the only one you'll have, a standard LLC should be fine.