Surprisingly so many Mom and Pop investors don't do proper book keeping or have any T12 and P&LThe minimum you want to ask is as follow: (NOTE - Please seek your own legal advise, Im not an attorney!) 

Some of the pillar books specific to real estate I've read recently are:- "Rich Dad, Poor Dad" -  Robert T.

The assessor and common sense should guide an appraisal, not a listing agent.

Doing so has made me realize that REI is the best way to go and so my significant other and I have started to read books geared towards not just Investing but also business development.

Go through and learn as much as you can, read forum posts, articles, listen to podcasts, read books and ask questions on the forum.

I realize this is a very beginner question, but surprisingly I haven't been able to find a good answer with the guides and videos.What actually constitutes good stats on a property?

Do you have any resources (websites or books) that can point me in the right direction for following the SEC rules.

I have read a few blogs and finished a few books but one question has me going crazy.

If your friend is the HML, then should be able to guide you although I would still have my CPA/attorney look over the contract. 

LOLmarkets ebb and flow.. and for sure to Mike's point if your business is flipping higher end homes you do want to be cautious I know a few fo the guys I work with are not reaching for deals. it will be the newbie who reads a book on remote rehab that will get caught.