Sure you're paying less to get in but do you have the skills needed to make the same profit that you could make on an 8% cap rate property? 

If you will be using private money, it is absolutely vital that you and your investor work with attorneys to avoid any possible lending or banking violations when drafting your contracts.Treat your real estate investing like a business, not a hobby.

Handyman magazine is handy for the beginner and pro, other home improvement publications and sites are full of techniques, but actual skills take practice to master.You can get an idea of material costs at the supplier, their ads usually have common materials.

Here are the skills I possess.

Even if you don't have the skills, you can learn them.  

Getting a license, makes it easier to get access to the MLS which is vital.

I have little to no desire to be a wholesaler; but, I'd be interested in buying good fix and rents in the D/FW area, in the B/C categories, although for C properties my Spanish skills are sketchy at best.

I understand the idea of motivated sellers and their need to sell at what anyone with some simple math skills can see as a good deal.

Treat your investing career as a long term process and working FSBO's is a great skill set to learn which can build on in the future. 

Habits or skills I should develop in the next few years before I really get started.