That in and of itself should prove illuminating.

Most community colleges have courses to get you ready to take the exam and as long as you are willing to put in a little study time you should pass. 

You can also do a cost segregation study on the property and defer a lot of taxes. 

Once you are done with that, you will want to study for the licensing exams.  

I also have in my lease that the animal is accepted however that can be cancelled with 14 day notice where they would need to get rid of the animal in case it damages the property or proves aggressive. 

Probably based on engineering studies is my guess.

I first became interested in real estate investing 3-4 years ago when my brother first started buying properties, but only became consistently studying it that past few months and totally fell in love.

I am no attorney, so speaking with one would be a good idea, but it is my guess that any claims you would have against the Seller would require you to prove that the Seller willingly deceived you. 

I would consider a sensitivity study to determine if you are off x% on rehab, what does your cash flow & equity look like?

Does anyone has any advice on how to study for the exam?