I have found that education and mindset was first for me in addition to your step 1.  

No DOS issues if you follow this simple step. 

I don't like to step on the toes of those who promote the "yellow letters" concept of finding motivated sellers - but in my opinion they are missing a key element in their marketing.

Do I put together a letter of intent and draw up an additional purchase agreement after my initial purchase and after closing and deed passes over to me?

I would highly appreciate if anyone wants to share, or recommend a move for me that would benefit my knowledge in understanding the market better, process of buying and selling etc... would becoming a real estate agent/ broker be a good step forward?

I'm wondering if this is the best first step or is there another way to get a value of the property?

I realize this is not a great initial cash flow.

Now its time to make a plan to accomplish your goals and take on step at a time to achieve them.

If I can't get the Refinance lined up I don't purchase the property.Obviously there are other steps mixed in some of these.Hopefully your next one will go better.

Learning is always helpful in life,  such a young age you are taking step for financial freedom.