That also does on the surface sound like an extensive and expensive project.I'll still hold that you should not be that close to $200K if there is much that is still usable past what you said.  

Currently living in London, I'm interested in investing out of state particularly in France (just scanned on the surface it seems to be a taboo subject here :) ).So I love force feeding my brain with books, blog posts and taking notes.Looking forward to do learn and do business with you :).

I am sure the right one will surface.  

Our inspector said most likely it is the gap in the foundation that has allowed water to seep through, but worse case, the sewer line is damaged and needs to be replaced or sealed.The water underneath the crawl space has moved itself around the perimeter of the foundation so we will be installing a perimeter drainage system.

Being a newbie, I think I wrestle with knowing basically what I want to ask, but struggling to articulate it or think of the questions below surface level.That said, in your examples, I'm initially considering something closer to option 2: equal split, both people involved day to day. 

The title company said that the seller acquired these properties, along with the liens and judgments through the quitclaim, and because I am the first in the chain of many sellers to buy this how to require title insurance, this issue is surfacing for me.

Might be bad drainage...If so, you would to install French drains or some other kind of system to draw water away from the foundation. 

I would propose there are a few factors when considering this decision:1) Most RE agent licensing will only scratch the surface of RE law, so the education you do get during your studies may not prove fruitful in acquiring or investing in RE 2) You have to compare the costs of the license and to maintain it every year to what you would actually save or make in commissions3) Make sure the broker you plan to work with is friendly to investors, they have a vested interest in their agents to get listings and do traditional deals, I know a few agents who don't quite fit in at their offices, I've heard Keller Williams in general is the most investor friendly. 

Down the road I may venture into doing more rehab work, but starting out I am still learning so probably prefer to invest in properties that are already in decent shape--no major work like foundation problems, drainage problems, etc.Option #1 seems to be portrayed similarly by @Rich Weese here on BP.Option #2: Instead of using my cash to finance more expensive properties (duplexes, etc.), I would buy cheap properties that need minor rehab in lower income areas/cities or areas that the market is weaker and complete the minor rehab--own the property free & clear, and then do something like rent to own.

You will want a Buyer’s agent representing you.Well, I have typed and typed - but it only scratches the surface of what you need to know before you invest.