@Donell CummingsDonell, I would first try to find an experienced mentor in your area that is a successful wholesaler.  

I have talked to hard money lenders, attended local REIA meetings, and spoke with possible mentors in the space; however what it comes down to is that I do not qualify for traditional funding sources.

At this point, I am putting to rest the idea of having my own deals and picking up the education/mentor mindset again.

Folks will think they are bidding on a property’s first position when in fact they are bidding on a junior lien and in fact will not own anything except a non performing note.

Hopefully with my mentor's guidance and BiggerPockets I will become knowledgeable about this business. 

Yes BP has a ton of resources, however, having a mentor/coach can definitely be beneficial when you first get started.

George told his mentor Bob about the deal and I am guessing that Bob didn't look at the option period. 3. 

I noticed there is a huge group of newbies that are looking for mentors or just general help on a personal level.

Cut your "mentor" loose, today.  

Preferred equity on the other hand is a type of “hybrid” debt/equity, it’s less secure than both junior and senior debt but more secure than common equity.