Time to build the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

I would like to know what impactful advice/lessons you have discovered that still guides you to this day in Real Estate and in life?

One place you may want to start is the Ultimate Free Beginners Guide here on BP

You should continue research and educating yourself. if you don't have experience then you should NOT get into low income as your first project unless a trusted mentor is guiding you through it.I agree with @Ali Boone .

One of their points is that they will guide you on how to create credibility with HedgeFunds they currently do business with in order to get better quality notes that one can find via internet sites or servicers like fciexchange.com (does that smell like an upsell for the future?)

Fill in the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

Beginner's Guide to Investing should help you with a lot of the basics.

Here are a few recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/ If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select that person below.

.  ;-)Here are some other BP links that may help...http://www.biggerpockets.com/renewsblog/2014/04/21/estimate-rehab-costs/http://www.biggerpockets.com/renewsblog/2009/11/5/...http://www.biggerpockets.com/renewsblog/2013/03/17/tultimate-guide-house-flipping-costs/Now, as for practical advice, I have a spreadsheet where I have broken a house down into components (see below). 

Here are a few recommendations for you: Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/ If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select that person below.