I am brand-spankin new to the real estate scene and have been studying it now for the past 4-5 years to no avail.

I agree with your first point as I have spent countless hours (in the evening after my day job) studying our market, looking up properties, visiting them, analyzing them, getting my finances in place, etc.

You need to figure out how to now fix that mistake.If you have not already done so you need to study/learn all your state landlord tenant regulations....NOW

RH: I will be paying upfront costs (Architect and Enviro Studies).

Next week's NHREIA meeting in Manchester will be worth attending  - they're doing a couple of case studies on apartment buildings, actual deals that went down, this is a great group.

I will ask this as a case study and see what they say..

Hey All, My name is Eddie Gonnella and I'm originally from Old Town, Maine right next door to the University of Maine where I studied Civil Engineering and lived for 4 years in Orono.

I would like to study on my own schedule, considering I work a full time job at the moment. 

How about someone coming over to pick up a book needed to study?

Flooding is the obvious con and the market seems ok, but early studies seem to show great rental returns.