I don't only want to pass the state exam, but I want to get a really strong understanding of the subject mater.What are your top tips for effective study and achieving understanding?

Over the last year I have studied real estate investing more than my actual major.

I will make landlord law a priority in my studies. 

Studied economics in college so I feel comfortable with the concepts involved here if not the mechanics.

My recollection is that many studies find that once you get below a certain GPM there is more "cost" due to the inefficiency.

No, that's because others never learn real estate beginning at the beginning, I suggest you begin by looking up the theory of the 'bundle of rights", what rights does an owner hold, what rights are conveyed under a lease and what responsibilities are retained by an owner.That's why we get so many crapheads on here, they never studied real estate law or concepts that all transactions are based on, they just glossed right over the small stuff to the money making tactics of some whizbang who dreamed something up.

I will definitely take out the time to read the case study as well.

What I make sure to do every week is send 25 letters to targeted sellers, make 25 phone calls, have two meetings or study sessions pertaining to REI, and make 4 offers. 

I absolutely love real estate and study this site everyday.  

That line is typically hundreds/thousands of hours of study, research, hard work and experience.