I'd love to do it scared and take a risk with a small property to get my feet wet and build my confidence.

Let’s say that the pref is due in three years—you have to be confident that you can sell or refinance (for an amount of the acquisition loan plus the pref equity) in three years or less.  

Good feedback from @Basit Siddiqi @Ashish Acharya and @Dave Foster I don't think I can add much more to this. 

I’ve lost confidence in knowing that my affairs have not been handled properly and have yet to sign a new contract.

Ask for documentation that justifies these alterations.It's essential to feel confident and informed throughout the lending process, so don't hesitate to advocate for yourself and seek out advice or alternative options.

and see what skills you might have to add some value as a side hustle.Things started to happen organically as I got more involved in the Chicago real estate market, and I am confident they will for you, too, in Seattle!

Building up funds, fostering relationships, and learning skills takes YEARS.I think you have a great mindset and are asking the right questions, but take a deep breath and enjoy being young.

I will personally be passing, doesn't sit well with me and the lack of knowledge doesn't build confidence.

Ask the investor what are his numbers, what does he intend to do with the property, how much is it worth when done, how much does it need in repairs and what repairs will he or she be doing.When you know your market inside out you will feel more confident on moving forward.

Got it, I'd first discuss with someone like @Dave Foster to understand your intent and how you demonstrate it.