Your have to recognize gain. 

Without knowing the exact contractual conditions, it must be recognized that they are fighting an uphill battle.They should now focus on getting all of the repairs done, getting the units re-rented and move on.That is a bitter pill, but unfortunately, it is not an infrequent occurrence.

Recognize your spending limits and the amount you may invest.

How would I recognize a "newbie friendly" conference?

Don't worry about how fast or slow, just make sure it is a good deal and take as much time and effort as it takes to educate yourself, find and recognize one of those.

However, newer individuals and real estate companies need to recognize that they may not legally be allowed to have, or market to some of these lists depending on how the data was generated.

Regardless, you need to recognize your role and responsibility as the asset manager.  

You need to be able to recognize the value and move fast right now if something does pop up. 

If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up.

That said, recognize the deal you are making/getting for what it is, non-bank financing at a high LTV.