Arm your self with knowledgeable partners.Background checks are vital to creating a great community for you and your tenants as well as for the neighborhoods, so consider the bigger picture of how you will impact those in your neighborhood.

I read the book a few years ago (my wife gave it to me) and it gave me the kick in the coconuts to start looking at financial freedom and my financial habits in a different perspective than I was previously.

@Brandon Clymer there are alternative programs out there, but the more flexible terms only apply to commercial properties, or habitational properties of 2 or more units. 

Or is it stuff that's needed to make the house even habitable?

I think it is a better habit to get into.

I do realize having a mentor is vital in your success in real estate.

I don't have one set up, is it vital?  

If it's in a less than ideal neighborhood, on a street with other abandoned homes, and has been vacant for years, chances are it will take a few thousand dollars (at least) to make it habitable.  

Old habits die hard.  ;-)Good luck!

FHA has a lot of requirements for safety and habitability such as flooring, smoke detectors, railings, etc.