Thanks for all your info, helpful to hear how competitive things are right now, to give me realistic expectations. 

I am currently in construction management and the wedding entertainment industry.

I have been working in the automotive industry as mechanic for the last 12 years. 

At that time you'll have more data on what is current market rent, which may be higher or lower than what you are assuming now based upon a single competitive rental.But being $100/mo below market rent may be no problem (worth it); if you've got a good (trouble free) tenant - as you can easily lose many times that in a turnover.

They said I am not to contact the owner to purchase once I own a tax lien, only other people or even other competition investors can contact the owner. 

I can offer 30 yr loans at competitive rates, please contact me when you get a chance

Even those who lost their homes through foreclosure or short sales still needed a place to live and desired to stay in the same general areas so they became renters.It is important to consider how the industry/business sectors which employ your target tenant pool are likely to perform during a downturn.

Rockefeller in the oil industry .

Welcome to the site @Wes BlaneyHappy to see an industry contracting pro join the site.How to use bigger pockets to grow your business

I'm originally from central Texas, but moved out here to work in the film industry 4 and a half years ago.