These seems like a faster path for us to pick up properties. 

Best of luck and hope we cross paths soon.

PLEASE help me in making the right decision or guiding me in the right path..

I have looked up the how too and it seems straight forward. 

If you are reading this I am assuming that you have determined real estate to be your path to success and have set your goals accordingly.

my realtor is sending me listings everyday, just waiting for the jewel to shine..I haven't been to any meet ups since I travel during the week, perhaps we'll cross paths soon

Seems pretty straight forward however I personally have never dealt with preapproval .

hi aaron. quite the dilema. personally, i have never dealt with anything of this sort of deal, but here is what i would do. first, make the offer minus the $80k. my guess is that they would take the deal. then, have that inspection done on the well and septic. you have to know where you stand right now. eventually, the city will enforce hooking up to city water and sewer but they will probably follow the path of requiring it when one or the other fails and they do not issue a permit to put in a new well or septic. in that case, you really need to know where you stand now. if you have a few years left, then start saving. take some of that cash flow and set it aside knowing whats coming up and possibly when. by that time, you should be able to refinance and make the necessary ( required) repairs. 

I considered tax auctions, however we would like to skip that path right now...maybe in a few months as our experience and confidence builds.  

Give me ring I will guide you down the path in your local area to find good deals.