First step would be to determine what type of property you're interested in whether commercial or residential and then what strategy ie. buy and hold, flip, development, value add etc.Options for careers are investor, broker, property manager, asset management, analysts, leasing, construction and development. etc.I fund deals for those that cut their teeth at hedge funds and big syndicators doing underwriting those folks enter the business once they have incubated with good back ground and ready to roll..

I see no league recourse here whatsoever for them smoking in their unit just being a$$holes in general.

Now if they simply signed/accepted your counter offer, without any changes whatsoever, then you are under contract.  

But you should cut your teeth on an easy investment property yourself first.

.** It has been my experience that Mechanic's Liens in Illinois on their own merits have no teeth. 

The estimates are all very vague and every time I try to get specific information on what is to be done, i get the impression that they feel I am wasting their time....it's like pulling teeth.  

Is there any risk whatsoever of losing the entirity of one's principal investment in notes?

You have no right to the funds whatsoever, but I have seen more than once third party bidders successfully claim surplus funds, so it won't hurt to try.

LOI's generally don't have any teeth in my neck of the woods.

I know that if the tenant is not available then property management needs to be available to let in the workers, that in itself was like pulling teeth.