Use BP as a source to help you figure this out first then you'll know how to finance these projects.

If you do most of the work I can see you stretching your 500 if you out source its going to eat it up. 

As part of the split the "owner" takes sole possession of title. 

I wish I had had it when I was solely wholesaling foreclosures, it would have saved me quite a bit of time.  

list source has a great way to find how zip codes in your market.

I know how hard it is as I was an accidental landlord and I am just glued to the MLS (my only source as of now) with my finger itching to pull the trigger for that second property.

The guide is a good source of information.

There is so much misinformation regarding credit scores so it's important you trust your source and that is THE source.  

Source: http://homeguides.sfgate.com/difference-assessed-v...

Since you're a newbie w/ a real estate license, good credit and a small amount of cash, you should consider:hang your license w/ a broker that specializes working w/ investorsbecome a master @ learning how to use tools available to realtors that are not available to the general public to source and analyze opportunitiesfind experienced investors looking for deals and partner up to learnfind an investor w/ cash but bad or no credit and partner up on a deal where you can leverage your credit and their cashthe last bullet applies on any strategy.