You should take a job for the education and not the money.

Brandon Turner does a great job going over different strategies in his book "Invest in Real Estate with No (or little) Money Down".

Interest rates atm seem quite high so will ride this out a bit longer (and ratios will continue to improve over time.) 

Licensed contractors have more of their "shtuff" together and thus are better at their job and naturally will cost more.

They stated that they were not a lawyer so they couldn't comment on the legalities of my question and they still worked for the bank so they couldn't give me any more info without losing their job but assured me that I was on the right track, keeping asking these questions and don't stop until you find your answer. 

Not nearly enough for a gut job or to cherry it out.

It might be helpful to narrow down your options by focusing and researching for markets with strong rental demand, growing job markets, and property prices that fit within your budget.

Misjudged the job cost (contractor error, usually results in asking for more money)2.

Misinformation stating that the guru dropped out of school, was fired from his job, failed in his business startup, but when he discovered” the “secret” of real estate investing, met with almost instantaneous success7.

Not trying to throw anyone under the bus and I respect both of you for doing what your doing and you guys probably do a great job.