I have started my real estate investing journey by buying a "live in flip" with my wife. we bought it a couple years ago, and have taken our time (mistake) to fix it up.

People will make mistakes with listings sometimes but sellers will fudge the truth sometimes for sure.

read  a lot there is great info here on the site... talk to a lot of people learn from there mistakes so you dont have to make them your self...I work in your area can be more then happy to chat with you..build a team around you  that you trust   .. 

Every investor I've ever spoken to has made mistakes along the way, we all do.

If he can do that their (surely forthcoming) sob story to the judge about how this is all a big mistake will fall on deaf ears.

Population is actually 7,900 my mistake

Learn from your mistakes, continuously invest in your education, and just don't quit until you get it right. 

It's inevitable that they will still exist because human beings make mistakes and have been making mistakes in real estate constantly since the beginning of time.

Your partner should be able to show you the ropes and keep you from making mistakes.

Soft costs will vary based on impact fees, professional fees, RE taxes, carry costs and mistakes covered in your contingency.