@Ryan,Those are my concerns as well.

I am under contract on a fully occupied triplex in Independence, MO that the general inspector found some electrical issues with and some concerns regarding Knob and Tube wiring.   

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/Wishing you the best!

Wes, I did hear horror stories about beginners getting into the game, so I'm definitely trying to tread lightly and make good decisions, I do feel the homes in PA will be a long shot if I don't have any money to put down so thats probably out of the question right now. 

I’ve been reading the beginners guide that BP offers and have learned quite a bit!

They are saying your request is cancelled and you owe us $80.Now I'm concerned about the legality of the document and if I'm obligated to pay more than the deposit in this condition when I eventually agreed to move in on the decided move in date.I'm ok paying them to avoid the situation of them reporting me to any Credit bureaus for $80 but I'm curious about the legality of the document.

So use the math and tailor it to your funnel and your numbers.If you have any questions or concerns you may have I would be more than happy to answer.

Are there safety concerns with only one eggress from the third floor?

and to understand how they fit together in your toolbox, as none will give you everything (e.g, insurance is required and it will cover you for many situations, but not always; asset protection (LLC) is litigation insurance and complements regular insurance, by minimizing the target and making it unappealing).If you are a new investor, probably you will not have a lot of assets and/or equity to worry about (but even that is relative and subjective to each person tolerance to risk) so I would not worry about that till you pass that risk threshold (in my opinion 100K+ in equity, maybe 50K if you are really risk adverse) and you should be primarily concerned with finding good deals and growing your business first.

A few tips to get started:Find and connect with other BP members that are in your area.Set up keyword alerts to be notified of the topics that interest you.Read Beginner’s GuideCheck out BP Podcasts which you seem to be doing already ;-)If you'd like to tag someone in the conversation, type @ followed by their name and then select the name of that person that appears below the comments box.