Is there any information I can refer to for education, and license in my area??

I would get it under contract and use your inspection period to figure out the rest. 

@Naqi TaylorDo not limit the success of your business based on someone else’s feelings, period.

I do sublets in Wroclaw (Poland, Europe) - I rent apartments from owners for 5-10 years, rehab a bit and rent further by rooms for 1-year rent periods.

If I had $50,000 in cash, I would very wisely invest in my real estate education.

The prospect of real estate has been something that I have always been interested in but I have never thought I could get into rental investments until I read Robert Kiyosaki book and now Brandon's book on Rental Property Investing I'm starting my education on real estate investing. 

I believe the seller can pay back the owed amount for a period of up to ( now here is where I have mixed information and I have not taken the time to verify) 1 or 2 years.

The Refinance Lender normally will not accept a shorter period between appraisals.  

I am not saying that you should not listen to RE agents , but keep in mind that most of them needs to sell at the end of the dayAnother place to visit is the local REI club, tons of useful information and real insights if the marketLast - educate your self as much as possible regarding tenant - landlords rules and regulations for the specific city, try to learn about city cose violations etc... this way you will not be surprised down the road.I also like to recommend BP book by David Greene "long distance investing" it is very useful resource and should prepare you well for ling distance investing.Last - Good luck !!!

I believe I was trying to articulate that it may be easier to get more desirable financing in a shorter period of time in the future with a short sale than a foreclosure on your credit and that a foreclosure on ones credit is less desirable.