Don't really understand the exact meaning of some of the terms and concepts you mentioned, but will study up on them. 

Avoid ever paying cash because it is not traceable and hard to prove you actually paid the money.

I’m technically inclined so will be a quick study I’m hoping.  

The investor provided updates on the progress of the rehab, that proved to be false. 

My name is Pat and I am currently a Junior at BYU studying Finance. 

Yes you have a chance to achieve your dreams by studying and learning about everything that makes up the "market" It's more than just purchasing properties directly. 

What I mean is many of these weekend courses (I have not taken this one so this is not specific to this course), a common theme I hear from investors and verified by BP posts are they see these courses with case studies where they bought a note for 30-50% on the dollar etc.

I studied hard and became an SEC registered rep, capital raising for a select few operators, and working for one of the longest standing teams in capital raising, who raise for those operators with solid track records.

Just be sure to read, learn, study, ask questions along the way and changes are things will turn out fine. 

I'll be sure to thoroughly study everything you have talked about.