This will position yourself well so if the market does take a sharp decline you will be positioned to take advantage.  

You can't sell it to two different people...at the same time...and, you can't have what would amount to 2 first position leases at the same time.You can buy it on an option since the option has no lien rights...you're not buying it...yet. 

I finally found one where I've made an offer and the seller accepted (a few days ago) I just want to double check that you guys think this will have positive cash flow.

In reality, you're still not in too much of a worse position than you placed yourself in, because after all, it hasn't been coming out of your pocket (so far).The question remains: do you still have any equity left in the property?

UNLESS, and that's a big UNLESS, its on a prime block and already being professionally managed with a positive history for at least 2 years.I like @Jeff Burdick's recommendations. 

And a 1031 may not be warranted if your expected taxes are modest.I have couple blog posts on my website that give examples, but BP won't let me link them, so you have to google it.

Know your position in the market.

Can anyone recommend a great website that will give me prices for recently sold houses relatively  close to the property I am looking at?

I just read their website and am very confused.

Min CF/Year                                                                                    =    $ 130kCost to do this (Tenants pay off all mortgages using rent)     =   $     0kNet result                                                                                        = - $ 130K (that's positive CF/Year)