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Initial weight lost is just a lot of water weight (for me it was like 15lbs in the first 2 weeks). But you will lose fat little by little after that. Some ppl will plateau after a while though.
I don't keep track of my weight, but I started in Jan. and now can't wear my old pants anymore cos theyre too baggy. If you fall off the wagon, just fast for the next day and resume your keto meal plan afterwards.
You can't really bulk per se, but look up Cyclic Ketogenic Diet (CKD). If you're really obese, then don't do carb up at all.
It's very effective. But you need to be OCD about sugars and any carbs in anything you eat. So learn to read nutrition labels and look for different type of sugars in the ingredients too. It's really hard to avoid carbs but try to keep them to a minimum.