Realistically, competition seems to work its way around my first statement in a hot market cycle.Regardless, before determining a purchase value, I would suggest determining your investment performance criteria.

(c) A water supply approved under applicable law, which is:(1) Under the control of the tenant or landlord and is capable of producing hot and cold running water;(2) Furnished to appropriate fixtures; and(3) Connected to a sewage disposal system approved under applicable law and maintained in good working order to the extent that the system can be controlled by the landlord.

I got a bit more information on the property and set up a meeting with the seller.

Being well educated will help you and give you confidence.Mention what you do on the side to everyone you know and meet. 

You should find a local meet up and investment club.

Local meetings coming soon?  

If anyone is willing to reach out to meet and mentor please reach out.

What you'll find over time is that all 50 states handle contract law slightly differently and you need a real estate closing attorney who is willing and able to do double closings - not all are.Call attorneys to discuss - check with investors at your local REIA meetings to find out which attorneys in your area do double closings - find a local attorney who will walk you through the process.

I seen there are meet ups but the closest is Chicago.

Does the tenant want a hot tub installed too ?