I'm currently preparing to take the real estate state exam but also have a great interest in becoming an investor in REI.

I like to think I'm more responsible and prepared now anyway.

Start gathering current tenant info and preparing the Notice of New Management for the tenants. 

Quick question before I give advice -- based on the cost numbers ($28K purchase, $50K rehab, additional $15-20K rehab, plus any purchase/holding/selling costs), it appears that there's a good chance you're going to break even or lose money on this deal.Are you prepared to do that? 

I am currently working in a low-level retail position while I learn and prepare for my next step.

If you want to learn about real estate investing, buy the man lunchI’m often asked where the best place to get education is for new investors.Truthfully, some of the best seminars I’ve ever taken happened over lunch when I’ve taken out successful investors and had in-depth discussions.Here is how I prepare: before we go, I tell the investor I want to be respectful of his or her time; I ask how long they have for lunch?

Also, you may find topics of interest in the monthly newsletter I prepare for our clients.  

Not only are you going to loose money through vacancy, but imagine what the cost is going to be to prepare the property for another tenant.

I am prepared to make my first purchase in a middling area rather than a spectacular one.

Not that I expect to have to use it, I've never had a tenant even come close to me evicting them, but I want to be prepared in case I get someone that is very difficult but manages to not rise to the level of being evicted for just cause.