We are trying to figure out how to make our first leap in our own deal, and just trying to get as educated as possible to avoid any mistakes.

Anyone else is not educated or experienced enough in the highly complex area of legal practice, nor are they legally able to do this in a vast number of jurisdictions.

., resident in the forums.Click on the "Education Tab" at the top of the page, and you could be spending many hours on the Information that is available.Raymond

Welcome to the forum/blog/social media/educational center :-)  Good things

How much did that education cost?

Check under the "Education" tab and take a look at the blog posts, podcasts and the guides as well. 

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookBy the way - here are my favorite articles on Wholesaling: 9 Reasons You Couldn't Find A Buyer For Your Wholesale Deal Don't Start Wholesaling Until You Read This: Wholesale Advice from a Fix and Flipper How to Start Wholesaling: Getting Past The Education and Into the FieldDownload BP’s newest book here some good due diligence in Chapter 10.

There are both good and bad mentor programs and education.

Should I look for a duplex, where I live in one unit and find someone else to rent the 2nd unit, so I can start my investment portfolio or should I just continue to rent until I'm fully educated on Real Investments and then make the transition?

I'd start with a good education basis and identify what areas, type, price, etc fit your criteria.