Newbie here... Need some help.

[Michael V]

Hello everyone!

First, I want to thank everyone that participates in this forum for sharing the information that they know so that everyone else can enjoy the benefits of investing in real estate.

Second, here is a quick story of whats going on:

I'm 19. My credit is ok - 2 loans and 1 credit card for about 6 months. I pay all my bills on time. I have a few (older) friends that know a lot about construction - I basically have a whole rehab crew assembled and ready to go.
I recently found a house that is selling for about 30% below value of what it is worth right now. He wants $90,000. It is not in the best shape cosmetically, but overall it is a solid structure. After about $2,000 (my friends' estimation) of rehab, it could appraise for double of what the seller wants right now (other houses in neighborhood listed at the final (after rehab) appraised price). Best part - my other friends father is the owner, and the property IS NOT LISTED OR ADVERTISED IN ANY WAY!
Now, worst case scenario - the rehab costs $15,000. We still make money.
From what I have read a hard money loan would be pretty easy to get even with my fresh credit, especially for that amount.

Questions:
Am I too young to start doing this?
Friends (more like buddies) and business - do they mix?
Should I start an LLC to cover myself?
What forms do I need to have in order to pay my friends as independent contractors if I have an LLC?
How do I go about finding someone to give me a hard money loan in Detroit MI?
What is the worst case scenario that you see? Please post multiple ways things can go wrong so I can at least know what to prepare for?
What insurance should I get if I have an LLC?

I'm not a lazy person, so for the next couple of hours I will be on this forum trying to answer my own questions.

Oh, 1 more thing - what other websites do you recommend for learning everything about real estate and self improvement in general?

THANK YOU VERY MUCH IN ADVANCE!!