Here are a few high level thoughts for you as a beginner:-Don't lend in second position-Don't do deals with new investors-Don't experiment with new strategies, even with experiences investors- ie, don't jump in to a first development project with someone just because they've flipped 20 houses. 

It has the highest turnover rate, and the highest level of active inputs.

I'm trying to gauge your level of experience as I want to make sure my opinions/suggestions about STL S8 properties relate to you.

You’ll develop resilience, leadership, negotiation skills, vision, emotional control, and more.

"Flipping" or "Rehabbing" this property would really consist of raising the rents to current market levels (about 40% increase). 

As Jay mentioned they must be NMLS licensed if owner occupant of in several states even commercial needs licensing.The NMLS is like the database, each state has a division of banking that oversees lending requirements then you also on the federal level have CFPB as well as consumer protection laws.I want to add that I believe yesterday the CFPB is undergoing changes, but if it goes away that does not mean that many of the laws in place especially consumer protection laws would go away. 

Many of them might be skilled folks but they are not always the best estimator and business person. 

.- Working a W2 as a firefighter, posting and consuming content- Leaving my W2 to dive deep into real estate investing and working as an agent... and still watching/posting content all while business was ok - Deleting social media apps (one have one on my phone that I use 10 minutes or less a day), diving deep into building my business and skills which have drastically increased due to pure focus and increasing my business significantly- moral of the story... focus on the things you need to do in business (dollar productive activities) and life experiences while reducing consumption will increase your success  

While they often require some level of repair or renovation, the potential for significant returns makes them an attractive option for many investors.Why Invest in Distressed Properties in Phoenix?

The Real Estate Guys do a great newsletter with lots of high-level information about the economy and how it impacts real estate.