After getting the contracts that are needed, do I have to send them to an attorney to see if they a legal?

But of course, all the other regular bidders realize this too.Also, make sure you get a search for mtgs/liens by legal description also, not just by the owner’s name search.  

So, I failed to find a replacement property and couple of days ago my CPA shares the news with me that because of the 800k mortgage debt I had on the property I am subject to pay capital gains taxes on the debt?

Jose,Here is a list of "hidden costs" that may surprise you if you haven't been through this before:Closing costs when you purchase the propertyTitle Insurance Policies for you (and the lender if there is one)Miscellaneous closing fee's (survey, recording, etc)Loan origination feesHolding costs (during the time that you own the property)Builders risk and Liability insurance policy premiumsProperty taxesHOA feesUtility usage chargesBuilding permit costsDumpster / hauling chargesLoan interestClosing costs when you sell the propertyStaging (if applicable)Realtors feeClosing costs (depending on where the property is, this could be a huge cost) Professional fees for accounting, legal and taxesCapital gains tax on your profitI hope this helps you, and good luck!

It will be very hard to gain traction In the beginning.On the commercial side a closing can take 6 months or longer but I have many in the pipeline at various times.

Scott - I would focus on gaining employment to meet your immediate needs. 

Only thing I'm thinking of doing is including a 60-day notice for when she leaves (although I'm not sure whether it is legal). 

I know I can rent it for 2+ times my mortgage but I also stand to make good profit if I sell, which is why I want to have a conversation with the right legal professionals to help make a good decision. 

I would think that a small negative cash flow margin would be acceptable due to the much larger equity gains you are receiving (compared to a 100k property that has good positive cash flow).I would love to know your thoughts.

I know there is a lot of knowledge and wisdom to be gained by such a great community, so I was hoping to get some advice on a current deal I'm in contract with.