I have been to a large company based seminar to give me some foundation and now currently working with another real estate company for mentorship and training.

We joined our local REIA (CFRI) which has provided a great foundation to develop our knowledge.I’m looking forward to interacting with you and appreciate any advice.

He has agreed to put it on a foundation, fix the roof, construct a garage and whatever else needs to be done at cost and delay his pay until the property is sold.

Hey @Dallas Schwab, welcome to BiggerPockets!

My insurance agent told me the vacant home policy is applicable if I go the first route and builders risk if I go the second route (tear down to basement foundation).

They can be found at 201 N Figueroa St, Los Angeles, CA 90012. 

If you see some cracks in the foundation or building, show pictures of it and how it's a huge issue.

I can change a light bulb, switch, etc...but if there is something behind the walls, or foundation...I want it not to cost me.

I've never bought a house before, and i've never had an income to be able to be picky about my living situation, so i really have no idea what amenities to look for, and even worse, no idea what large ticket items to look for. obviously roof, foundation, electrical, plumbing - but what indicators of those can i actually inspect on my own and be able to see if this house has any major red flags? 

I have contacts in my investing group who are connected to manufacturers of modular homes - not "manufactured" (trailers), modular: homes are stick-built in pieces in a factory, the pieces are shipped to the home site on flat bed trucks and assembled onto the foundation.