Education is important but don't get bogged down by Analysis Paralysis. 

Have you bid on any HUD, homepath or any other bank owned property that has a period where only owned occupants can bid?

The laws can be complicated and it easy to get tricked-up and shoot yourself in the foot with medicaid look-back periods, etc.  

My wife and I have always been interested in real estate and while we educate ourselves about investing we thought it would be a good idea for one of us to get licensed. 

You must look at it as what your getting in return (Knowledge + Education) as opposed to "giving" something up (50% of the profit). 

We have been saving what we can and educating ourselves in order to make the best financial decision but we are torn because...

As in, if a bank will loan me money at 4% over a 30 year period, I will take every penny I can get and invest it in....well, lots of things.

Hello,Is there a comprehensive rental property inspection checklist that you've used for periodic inspections?

I just learned that Montgomery County (Alabama) has a 40-day time period for tax-sale redeeming parties. 

So glad you've already plugged into the Bigger Pockets podcast - that was a huge source of education for me when I first started.If you haven't already, I would recommend finding a real estate agent that you trust, and also start talking to lenders (banks, mortgage brokers, credit unions, etc.)