We are one of the largest renovation lenders in the country, so happy to discuss both, pros/cons, etc. 

The market here in Rhode Island is very hot but VERY overpriced with little room for ROI. 

You'll learn the same stuff, if not more, applying that money to a down payment on a property, and then you'll still have the property at the end, with the mentor program you'd have nothing.Anyway, I can recommend a couple of real estate specializing attorneys in Rhode Island I have used for multiple transactions, and will PM you their names/info.

@Randi PlevyHi I’m looking to invest in Staten Island or in New Jersey.

Has anyone had any experience investing in Staten Island?

The largest populated military post in the US. 

Hope this is in the right place.I am looking for some advice as I currently own a coop in the Long Island, NY market and am debating if I should sell it or rent it.

I've thought about an FHA loan so I don't have to put down as much because I want to get my car paid off early, wiping out my second largest bill. 

@Tirsa GonzalesI made a cheat sheet with all the teaser helocs on the island.

But if you're just starting out and you don't have that, my recommendation would be to stay local.You will find it difficult to find a single family home in Rhode Island within the 80-120k range, unless you are willing to live in a very tough area and/or buy a house that needs a lot of work.