With that said, i'm about a week away from sitting for the Real Estate License Exam in FL, and I am very interested in starting to purchase some rental properties and creating some passive income with some 3-5 year buy and hold properties. 

Promissory note and mortgage documents are prepared and they are paying for a lawyer to examine them... deal is moving forward and target closing date is next week.

Josh:You may find @Julie Macd's recent thread on her examination of turnkey providers in Kansas City helpful.

You will need to examine the historic performance of the business and then conservatively project the future performance.  

I was a Tax Examiner at the IRS and Also worked in their Criminal Investigation Division. 

Reasonable expenses might include the cost of the title examination, preparation of a survey, and attorney's fees.However, if the seller acted in bad faith, your state's law may allow additional money damages.

Examine market rents and try to pretty up the property to raise rents moderately?

Since you say you are new you should consider utilizing the services of a contractor or home inspector to examine the home with you.

I would recommend finding a contractor, and a exterminator and have them examine the property, get HARD quotes for repairs and deduct it from your offer. 

Don't beat yourself up or spent too much time examining the place where you fell.