First off, has the developer provided you with a term sheet (not a commitment) from a bank showing they'd lend 75% LTC on a mixed-use development?

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What I've had clients do in the past is make an offer without a financing contingency where they tell the seller that they are getting a mortgage to close the deal, but also provide proof of assets to show that they can/will close by liquidating the assets if the loan gets declined.

Real estate has always been in the back of my mind as a way to increase our wealth and provide for our family.

The right agent will provide a pro forma breakdown on every property they look at, have repair costs estimated, CapEx, etc...

Unless you have a way to source off market deals or have a crew to provide labor for below market value, you're kind of relying on hope and luck to find a deal that works.

But perhaps you would be better served helping a local experienced investor find deals and ask them to show you exactly how they analyze deals, what's good vs bad, how do they finance (debt vs equity) etc etc and understand their business model that has a proven track record by providing value to them.

The letter also states the total non-rent items currently owed by the tenant, such as accumulated late fees or repair charges.Also very important, the tenant states they have no unresolved issues with their current landlord, except as listed in a space provided, and they have no current plans to cancel their lease under the Service Members Civil Relief Act or for any other reason. 

or options 3, 4 and 5 don't supply washer and dryers and either the tenant provides their own, rent appliances or goes to community laundramat.

When you say they were incompetent can you provide more feedback for novice investors.