If someone were to ask me HOW to get started in Real Estate, I would point them to the BP books, blogs, Pod Casts and Forums. 

When I go in a house if I see galvanized water line, cast iron water line and 2 wire electrical outlets I figure on doing the plumbing and electrical right off the bat, I really want to take care of my customers but am I putting to much emotion into buying since if I was the one buying this would be a red flag for me.

They are rules of thumb so they are not cast in stone but you should maintain the principle of there being enough profit in doing a flip to make it worth your while. 

Does it have cast iron sewer or galvanized water pipe? 

@Joe SplitrockThere is a pod cast that talks about how to sweeten you purchase offer. 

Ran camera in 4 inch cast iron sewer pipe 31ft to 4 inch clay sewer pipe.

. , you may be casting too wide a net and aren't focusing on one area well enough to learn the ins and outs of the neighborhood.What are your long term goals?

I used a franchise company called "Mr Ugly" to refinish a cast iron/ porcelain tub last year. 

I'm not casting any blame here and hope I am not offending anyone....I just happen to be very passionate about this particular subject.

I’m in a little bit of a different position here - I’m not an investor myself, but I’m a TV producer/casting director who’s worked on quite a few real estate/build shows (so it’s sort of adjacent, right?).