This is not to say that the zip codes you mentioned don't have demand for lots.  78207 is seeing more infill development than the other two zip codes, and 78228 is becoming more and more desirable, especially if they are larger lots.  

I desire to spend a lot of time with him and a regular 9-5 job gets in the way of that.

But I'm clueless on materials, paint colors, most desireable flooring. 

I desire to know the proper steps to begin my journey in real estate investing with the least hardships any suggestions?

Are you in a market that was already"hot" and desirable?

My desire is to slowly build wealth through building a track record of credibility with the best players in the market (Be they investors, financiers, Lawyers, CPAs, etc.).I would like to hear from more seasoned investors on the importance of building a network for the long-term.

Quick lesson on Band of Investment Cap Rate:LTV x Interest rate = Debt Cost+Equity x Equity Yield Desired = Equity ReturnDerived Cap RateExample:(80%LTV) x (4.0% Interest Rate) =            3.20%+ (plus)(20%equity) x (10% Desired Yield) =         2.00%Cap rate need to achieve above =             5.20%Hope that helps.

This site is a gold mine to get you where your heart desires in RE.

Take your estimated ARV, subtract purchase price, fixed costs (buyer closing costs and points, holding costs, seller closing costs, real estate agent commissions), rehab costs, and desired profit.

But I appreciate what was said about not  borrowing from the 401k.I may let this ride a bit longer until I have all the debt paid off, or he comes back to me again with more desire to unload.