So, as you might gather, it was a VERY bad deal for him because of his inexperience.

That's definitely the type of investment I want to dip my toes in at first, but of course there's always the hesitancy that comes with inexperience with the market and the lack of knowledge when it comes to required finances to actual get started.It's good to hear that all of the team stuff doesn't need to be completely ironed out.

This is business and no one needs a partner who brings nothing in but their inexperience.

I'm sure it's only a matter of time however before I come across a bad egg who scoffs at my inexperience.

One thing i appreciated about HM lenders early on in my REI career was if the deal didn't make sense they would not loan on it which more then likely saved me from buying some bad deals due to my inexperience.   

I was having the same feeling as the OP but I chalked it up to inexperience. 

Don't feel bad about inexperience; instead, feel good that you're asking the right questions before killing the deal (or killing yourself trying to get it!).

-inexperience?

Considering my inexperience in the market driving a lack of capital prepared, I've been looking at the requirements of an FHA loan.

I realize inexperience would be my biggest flaw but everyone is inexperienced at some point.