Here are some pros and consCons:You need to buy or sell enough to cover your feesYou need to disclose your an agentYou can't be a dual agent on your own property (at least in Il)You must be super ethical and fair or you will get a bad reputation and that can be a business busterProsAccess to MLS and private listingsGo as fast as you needKnow the market better - spot deals fasterHope that helps!

I'd then create a post on BiggerPockets saying where you are from and that you're looking for advice on how to find an ethical mentor in your area.

The agent, who seems to be concerned and ethical, interpreted that to mean they are giving up the house to me, which is fine.

Kevin you are asking an ethical and legal question which can't be answered on here.From my understanding in NYC agents do a little paperwork but it's the attorneys that get involved closing it out.Is your FRIEND another broker or is licensed?

Document what they say.The probability of a tenant taking you to court on the matter is relatively low if you are ethical and thorough in the work you do as a landlord.

Unfortunately a poor work ethic usually goes hand in hand with no savings and poor credit. 

I think my goals are reasonable and fairly conservative, since I am very motivated and have a very strong work ethic, but if you think I should change them (either more or less ambitious) let me know.

I can't sell you on my experience, awards, or accolades (or lack thereof), but I can sell you on my work ethic, enthusiasm, determination, and willingness to learn!

At the risk of pointing out how naive I am on this subject.....is it possible(ethical) to purchase homes after the foreclosure process begins?

You do know you can use your computer to design and print checks and a good photo copy of a check can be changed.Most do not understand business, much less the real estate business, keep you target on ethical, long term growth.