I recently did the WREIN Seminar and started following Jerry Norton and BiggerPockets and decided that it wasn't just for the rich and I could begin with what I have and build from there. 

Over time the balance builds up in my account and will pay for any damage or lost items as needed.I started this process about a year and a half ago for all 3 of my properties.

I am looking to start with flipping homes and growing from there.

We just completed Phase 1 and will start Phase 2 within a few months.  

I'm new to the area, and thought that joining CT REIA might be a way to start out.

Start by researching info on developing in MN, specific to MN because you mentioned water on site so MN specifics will have big impact on this.

I would like to know how I should start going about this.

We wouldn't start custom coding without a formal agreement in place.Your monthly or yearly spend isn't a determining factor for us.

In a Seller Financing deal, once I start paying the seller the interest-loan + mortgage, the equity being built should goes to me and not to him correct?

Quote from @Jay HinrichsI carry trash bags in my car and every time I visit a job site or meet one of my clients there, they get handed one too.