Little weary about the whole partnership thing so if anyone has any advice I'd love for you to share.Also, is it realistic for me to think I can do $150k - $350k in gross profit a year if I don't touch/spend my initial investment and profit?

I wasn't planning on making any deals out of state for a while yet, so I'm not sure if there is anything I need to watch out for in terms of state to state deals.

I haven't done much since I lived in Albuquerque the last five years, so I'm hoping to start networking and getting back into the business now that we're settled here and planning to stay.

This way you beat the mad spring rush of listings and people who plan on buying begin looking in Feb March...Other option which I am sure has been mentioned is turning it into a rental...

While you might have to sign a contract after the auction, it would not allow you the time to obtain traditional financing.A bank would never approve you for a mortgage, give you cash directly, and send you on your way to look for a home to spend that cash on.  

I plan on being in N.C. a good bit of the time.   

Dylan Henke what might help is instead of taking a "leap" that could induce a fair amount of anxiety, decide to do a small project, say a cosmetic flip, create a 6 month plan, and back into small, week long steps.

When I leave Pensacola in two years, I plan to rent out both homes for the long-term.Looking forward to interacting with you all and continuing my real-estate education with this great network. 

Seems like a high price to pay but if you spend $2k tracking down various people and it lands you 1 deal that makes you $10K then it is a good return.

They compare square foot prices of solds, but don't take into account your fancy granite counters or dysfunctional floor plan for that matter and zestimates tend to skew the more unique a property is.