I find that a very common hurdle that beginners have is assuming what a lender will or wont do. you said "I don't even think I would qualify for a loan of 100K" which may or may not be true, but you don't KNOW. what you really want to do is ask a lender what it takes to get that loan, rather than assume you can't get it and then blindly try to improve what you think they need. does this make sense?

Neighborhoods are important especially as a beginner.

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/Wishing you the best!

My concern is the possible hiccups in the re-fi process.Experts what are your experiences?

I know there are some health concerns in buying a home this close, but my concern is not really that as of now.  

And, I also suspect, as a birddog, you don't have a clue concerning getting paid and violations of law as most birddogs don't.So, the best thing for you to do might be to start reading here, read all kinds of threads, not just what you think you want to hear and begin with more current threads as laws have changed.

That’s another story.Nevertheless, I’m still concerning what you’d said about the security deposit which I’d also read it from other post that said the same.

A Mainframe Systems Programmer for the past 11 Years and a real estate, Stocks/Bonds beginner investor for the past 1 1/2 Years, I have invested in NONE!

My concern though is, it is listed for $259k for both houses, and they are easily worth $50k or more than that together, even if they look like crap on the inside.

The only real reason for concern might be if you feel uncomfortable in the neighborhood you are farming, but then you might want to work in a nicer neighborhood anyway.There are some specific tools that are necessary to employ this technique, for you or your help.