So I would have to put down the earnest money beforehand, in order to even get to the point of exercising the right to show clause?

I definitely need to drive around these areas and see the physical conditions.

Figure out what you have into the property for total cost and than run a highest and best use analysis.This should tell you whether to rehab what is there or tear it down and build something new with the same asset class or a totally different asset class ( commercial, etc.).Additionally once you find out the highest and best use then look at the TIME required to develop that use and receive income from it or sell off.Some people will get the fire department to do a "controlled burn" on the property and use it as a fire exercise.

Should I attend a physical real estate school or should I take online classes?

The Cash Flow game is also a fun & educational exercise you could integrate into your life.  

You can usually ballpark a starting point for your offer by assuming 50% expenses as long as you have a rent roll, and then re-negotiate as you move through your negotiations and discover more about the property's physical condition and financial performance. 

It is unlikely that we are ready to purchase our first property, or that we would be able to negotiate such a discount; however, I am doing exercises to ensure that I am familiarizing myself with the process.One thing about this duplex.

Has anyone seen success from online advertising, or do  physical yellow letters increase the perceived legitimacy of one's investing operation to a prospective buyer?

So it's 500 bucks up front for new people (unless referred to me by one of my regular investors) and that covers me physically going to 10 houses.

It's a business, if you find some is abusing it financially (not paying rent) or physically (damages),, you push the envelope and write up a lease violation and if necessary evict.. doing regular inspections let's you bill tenant for undue damages when they occur.. and yet still have the deposit left to help when they leave.If you haven't yet,, download copy of the landlord tenant laws for your state..