Even creating a simple model to evaluate potential deals or predict returns could be a fun way to combine your interests while gaining hands-on experience.The most important thing is to start somewhere.

Send me your site in private and I will evaluate it so everyone can learn from this, if that is OK with you?

Of more concern to me would be the ridiculous investment strategy; the qualification of the sponsors to evaluate these brand investments; whether proper and full disclosure was provided; and the fees and other compensation the sponsor received on invested capital. 

Are there any particular things to check when evaluating such a deal?

Then, if you decide to explore a mentoring program, you will have the background knowledge to actually evaluate it and make an informed decision, and you'll be able to speak the language and ask intelligent questions.

I have received other quotes for insurance and they were able to go with a replacement cost closer to, but still above, the property value (thus, way under the $2M evaluation).

However, exploring out of state markets could offer stronger cash flow upfront, so it’s worth evaluating both paths.A piece of advice would be to focus on building your core 4  team: agent, lender, contractor, and property manager.

Evaluate how many would EVER tell you 300k is the typical return.

Quote from @Femi Alakija: As a newbie, I plan to gain a deep understanding of real estate fundamentals, including financing, property evaluation, and market trends. 

The only way for you to understand the situation and evaluate your options is to ask a lot of questions.