I'm looking to purchase 1.9 acres in the greater Phoenix area.  

If you want to buy an investment home that is "Subject to" simply find a home and do an application for a "Renovation/Construction" purchase which is basically the same thing.Ask up front if they will allow you to use your own licensing and do the work yourself.

By purchasing a multi-family property and renting out the additional units, you can significantly reduce or even eliminate your housing costs while simultaneously generating rental income.

I am looking to purchase my 2nd investment property.

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.

Purchase price: $160,000 Cash invested: $40,000 3-2 single family.

The purchase price is very low, because it is currently an emty industrial building zoned single family, so it cannot be used as designed.

I figured I am willing to sign saying I will purchase on the contingency that I am satisfied after an inspection. 

@Elyse MartinezRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

What you are asking the title company to do is close on the first purchase without funding then close the second deal which will payoff the seller in property deal one and you in property deal two.