Let's say you learn about the collateral first by studying real estate fundamentals. 

In fact, studies showed that a monkey randomly selecting shares of companies can achieve the same yearly return as the average traders in banks. 

And I would be prepared that all 3 could easily give notice and move.If you plan to self manage, you should quickly study up on landlording in WA state, including reading the tentant landlord law.

I probably shouldn't have taken this long to introduce myself, but felt some amount of self study was required to appropriately interact with the many knowledgable people here. 

I haven't done any deals yet but I have been playing around in the stock market a bit to get enough money to start investing in real estate which is my ultimate goal and what I've been studying like crazy the last few months.

I chose Kaplan's home study materials.  

No offense but if you are asking such a broad question then you have a lot of studying to do.

The appraisal and market study forecasted that it would take 18 months to achieve stabilized lease-up, which was considered to be somewhere around 80% occupancy. 

I'm studying Mechanical Engineering at BYU and will graduate next spring.

So, I'd highly recommend it and I took what was basically a "home study" course through Robbins and Lloyd, a local company that's been around for decades and I think is still there, but that was over 10 years ago!