This will get you licensed and you can do the bare minimum of real estate work, once you find a brokerage to hang your license with.

Why his being an officer of Diversified wouldn't qualify him as a principal is a mystery to me.If we were to take that case at face value it would seem in Ohio anytime two principals entered into a contract without a lawyer's involvement and that contract went wrong in any way the party that brought the templates to the party could be convicted of practicing law without a license.  

Try and get a face to face appointment with the seller to sign paperwork and lock down the deal - if you're already happy with the $56k, then worst case you sign for that price and move forward.

If not done properly, you could face double taxation on the income.  

You should also find investors locally and network with them face-to-face.

I have 1 rental property right now from 2007 that barely breaks even (obviously not the best time to buy.. ha).

I applied the parameters to other areas such as Memphis, Nashville, Cleveland, etc. and the cash flow is barely positive.  

When I first started was just barely at the tail end of the boom.

There are some deserving people who have turned their life around and need a break, as they are facing an uphill battle with their past.  

Get in there, get your face recognized, do some stuff!