That is why I am looking for a personal mentor, someone that can walk me through it step by step.

What i'm really needing right now is a MENTOR.

Right now I see myself pursuing a strategy of primarily seeking rental cash flow which I will support/supplement with a few flipping deals annually.I'm planning on attending my first REIA meeting next Saturday and am really excited at the prospect of being around fellow real estate investors.Like most new investors I would love to find somebody I can help help me as a mentor.

What is the advantage (if any) to buying the junior debt at a discount with this strategy?

See the recent probate mentor thread.

My mentor and I are going to be looking at that unit this week but from what I could see when I went and checked it out this past weekend it does not appear to have any major issues just needs a good cleaning and the nail holes need to be filled with spackle.

Many apartments are available, but juniors and seniors prefer to share houses. 

There is a property manager skillset in Sandwiches and Lease Option Assignments so you can avoid problems with TBers and communicating with Sellers.Also mentoring with North Carolina REIs can help you, talk to the the Fayetteville Real Estate Investor's Association, see http://fayreia.com/ClubPortal/ClubStatic.cfm?

I've been very fortunate to have a mentor who has been willing to walk me through the process step by step.

I'm honestly on this site seeking information from investors who have the knowledge and are willing to share it or maybe even mentor me with future deals.