I was thinking of being a bird dog for Joe ( the investor/partner) first, then after six months graduate to wholesaler, and then after another six months graduate to part time investor/ partner and finally, become a full-time real estate investor.

I keep hearing of homes that cannot be financed through traditional means due to condition deficiencies like broken windows, non-functioning kitchen, no running water, etc.

Kitchen with cabinets, $5000.  

I am also a long time real estate investor!

(kitchen countertop, ground etc....)    

I don't want to waste my time renting because I'm already invested in property elsewhere and I just can't see wasting any money in rent at all, even if the market isn't prime for breaking even on cash flow.I am considering buying a property in Seattle but I can't find anything that will cash flow.

I bought this house in 2003 for $49,000 (Paid it off completely) and invested $60,000 into fixing up - everything is new: electric, plumbing, hvac, 2 floors addition, bathrooms, and new kitchen.

That's a new kitchen and bath, flooring throughout, and paint in and out. 

The house needs small updates, to the kitchen and some new paint etc.

Kitchen is ripped out and builder material is damaged from a dishwasher leak.