The place looks like decent condition, except for an old carport and crumbling balcony.

I knew nothing about the basics of real estate and after confiding in my dad that this is what I wanted to do he pointed me to Bigger Pockets, which I then learned by all the educational tools that not only can I do what I know I would love and enjoy doing but that it will give me a life I'd want for myself and my family that no other job could do for me. 

As a realtor I'm sure you're aware of current market conditions, especially in Myrtle Beach. 

Not sure if the condition is so bad they wouldn't lend on it now? 

I would like to get into real estate investing, but I have had never more than $2.000 in my bank account in my life.

This is in a better spot and the units are bigger, but it is certainly not in 250k condition. 

My "scam" degrees earned me a wonderful living and more importantly they provided me with life skills I can use in any situation.  

1 and 2.  3-5 year shelf life for paint sounds about right. 

You're saying you've got a house that's worth $97k in it's current condition right now but someone wants to sell it to you for $40k?

Personally, I think many new investors go about negotiations backwards- offering low because of the condition of the property.