My next 3 months are devoted to learning, practicing analyzing deals, etc. 

Another huge thing to consider is laws and regulations, many times new investors will jump at Hudson county thinking the proximity to NYC is great for renting (which it is) but many of the municipalities in Hudson county have very strict landlord laws. 

There are far too many regulations, the transaction is a much longer process, and we are talking about someone's biggest purchase.

Given its condition, renting it may not be practical.

All of this said, be sure to do your research on STR regulations first and find a STR friendly location.

I don't think the LVP will feel right with carpet underneath and it's not a sound installation practice to have that buffer layer there.

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

And oh I have heard that about the majority of people not actually practicing. 

The process protects both their system and users against fraud and aligns with banking regulations, especially given the financial data involved in property management.

The only thing propping them up and forcing them higher is our monetary system and governmental regulations that limit competition in the market place.