There are experts who will help you with this.Then make absolutely sure, that your lenders to not loose money... because losing a friend is worse than losing money.Good luck.

Failed to maintain exterior walls of a building or structure from holes, breaks, loose, or rotting boards or timbers or any other conditions which might admit rain or dampness to the walls2.

Im looking to see if there are things I can refrain from considering when making this choice because no matter what, Ill start the RE classes within the next couple of days and hope to be able to tie some loose ends afterwards.

I don't think it is wise to loose money on a monthly basis waiting for appreciation.  

Just depends who they are)Also if you put earnest money down and agreed with the seller in the purchase contract that is was "non-refundable" earnest money then yes you will loose that money if you "back out" of the deal.

I don't know if I loose any tax benefits if I purchase the house all in cash or not.

a 1031 exchange is not technically bound by a holding period.  

Marist has not enough housing and is growing by leaps and bounds.

Also, as the time passes, you will have more assets and hence, it's fine that the insurance looses value. 

So I peeled it off:That's right, live wires, loose in the wall with nary a junction box in sight!