Run worst case scenarios - then double the problem and see how your stomach feels when you look at the spreadsheet.  

The worst deal I EVER did was with my best friend from High School. 

You are about to make the biggest mistake first timers can make and that is getting yourself in way over your head with a renovation you have no experience with. 

Most people can't do all of these things well right off the bat.If you can become an expert in one helpful area and then partner with an existing operator you will benefit twice - once from your deep knowledge of a certain aspect of the business, and again from working with an operator who as already made the rookie mistakes.  

I did this mistake!

They share successes and failures, so you can see that everyone makes mistakes and you can learn from them instead of making their mistakes, too.

He is a absolute slum lord and has the worst tenants imagined. 

Im very eager and excited to learn and hear from all of you going through similar steps and of any mistakes you could help me avoid as I start my investing.

Don't let age hold you back, being young just means you have more time to learn, more time to make mistakes, and more time to grow and prosper from those mistakes you'll inevitably make.

The initial rehab estimate I created is about $15k but the inspection found more than I expected(another newbie mistake).