They will also have to be on permanent foundations ( no wheels ).

The seller has done 90% of the reno work on the property including all HVAC, roof, and some foundation work.

A few years ago I did a similar one, 850 sf bungalow, electrical, plumbing, hvac, roof (incl. resheeting), yard, sewer, mild foundation stabilization, new bath and kitchen for about $72K in renovation (pretty hands on as well).

As long as it is a cash flowing property that doesn't have too many problems(plumbing issues, a major foundation issue(all houses settle over time, but some house are built on very poor soil), and as long as you don't have issues finding new renters(takes months and months).  

Flipping without experience is risky as you can easily overlook tricky issues and end up with large unexpected expenses (asbestos removal, foundation issues, mold...)That said, if I was to start today, I would look at reasonably priced duplex or SFRs with MIL potential. 

I was thinking that the traditional agent side would create that foundational knowledge that I need to know to be able to invest later.

We're talking about tearing up all the pee-soaked carpet (dogs..) and bleaching/disinfecting the concrete foundation underneath, replacing a majority of the second floor sub-floor, fixing the roof, fixing the HVAC, repairing the garage (door hanging on by a thread), scrubbing and disinfecting all the cabinets (roach feces everywhere), tearing up and replacing the landscaping, fixing the roof, inspecting and repairing any water damage... the list goes on and on.

This city is setting up a strong foundation for some good long term economic growth. 

Its found at many gas stations like 711 and other places, I barely know about it.

The problem is that the existing home was not maintained and has major issues (foundation, sagging floors, mold, possibly a new roof and new electrical) so I'm trying to get a ballpark for what it would cost to bring the existing house up to rental quality vs what it would cost to just bulldoze it and build new, or if its even worth touching at all considering the value of the property.