Young. New. Motivated... Seeking Sound Guidance! Birmingham, AL

[Nicholas Armstrong]

Hey guys! 

I have recently found interest in REI, and I am seeking guidance during these first steps. When I say recently, I mean I read "Rich Dad, Poor Dad" two months ago. Since then, my life has consisted of BP forums and podcasts, REI/ Business books, and Mentoring from my Boss. I am very excited about starting this journey, and would greatly appreciate any pointers you guys can give me!

So here is a little about myself and my situation.

As I stated before, I am very new to REI, and very excited about getting started. I am 21 years old, and have been married to my high school sweetheart for 3 years. We have a 2 year old, a one year old.. and we found out last week we have a third on the way. Yes, I am a family man ;) I am a GM at the Chick-fil-A in my area and I reside just outside the Birmingham AL area in Pell City.

During these first steps I have been exhaustively studying REI and my current market. Savannah (my wife) and I are on the same page as far as our niche. As of now we are currently paying down what little debt we have while also saving for a little cash cushion for when we do decide to purchase. As of now, we have little cash to work with. So we decided to learn as much as we can (possibly get RE license?) until we have enough cash for a nice cushion.

The Plan: 

I plan on purchasing a deeply discounted 3/2 house in need of renovation from a motivated seller with the seller financing the deal. These deals are quite easily found in Birmingham if your looking hard enough and you have at least 7k to put down. I know because I have looked at several properties with the owners and I've asked them!  (I thought it'd be nice to get my feet wet, even if I don't plan on purchasing quite yet)

After I purchase the property, renovation will begin which is where my personal funds will be needed. Two weeks before the property is finished, I will market the property targeting section 8 property owners  (Which I know several of myself) and sell the property just after it is renovated. If I can not sell the property within a month, I will section 8 the property myself, and sell the property for even more with a paying tenant down the road. I hope to net 8-12k from my first deal which will hopefully allow me to purchase 2 more properties using seller financing. I plan on repeating this process until I have enough capital to purchase a multi-family property or several single family properties to rent for passive monthly income. 

So here are some of my questions:

1. Should I get my RE license while I'm saving/paying down debt and educating myself?

2. Is my plan realistic by currently investing part time? 

3. Am I missing something?

4. I'm currently renting an apartment. Should I purchase a house for myself before investing? (In my personal opinion, I feel that I should keep renting. It will give me an exit if my first deal doesn't work out as planned)

5. Any tough love or constructive criticism with my (contingent) plan?

Experienced investors, please pour out your wisdom! :) 

Thanks!