There is much to learn: pricing, marketing, screening, contract law, lease enforcement, late/unpaid rent, property abandonment, squatters, maintenance, tenant neglect or abuse, communication, and 417 other things.Buying a decent property but not managing it well can impact your finances, marriage, sanity, physical health, and desire to invest.

However, my number 1 went under contract before I could place a bid. 

I had an investor that was willing to put it under contract and then it nearly fell out when he asked for too much from the business owner.

Is most areas, this will determine who (Marshalls Office or Sheriffs Office) will handle the situation when it comes to the eviction.Some squatters know their rights and how to finesse the legal system so be ready for that.

Is the mentor going to actually walk the deal with you, negotiate contracts with contractors, etc with you?

.- Getting under contract and then reducing the price because of findings is common, but major reductions are likely to tick off the seller unless you have strong justification.

If you actaully put the property under contract, the cost associated with that porpety can be taken as captial loss.Replacing countertop could also be repair.

You can (delicately) begin talking to these tenants now that you're in contract.

this is an old old program I had clients of mine doing this in Detroit back in the GFC they would buy a house 1 to 2k sell it on contract for 20 to 30k..

I went to Google and searched for "New Jersey purchase agreement" and came up with a lot of options, including the official REALTOR contract.