@Brian Gibbonsthat sounds like an awful lot to ask of a first time investor.

That will have a lot to do with what areas you choose.

Put in any offer, even if you know it won't be accepted, it will get you used to your systems, and learn negotiating skills for the real deal!  

Bigger Pockets has various resources: ebooks, forums, blogs, webinars, podcasts, keyword alerts, an awards system, a learn section, colleagues, informative people in many fields of real estate, and more.Consider spending 30 minutes for 30 consecutive days on Bigger Pockets.

In my few experiences with DNS inspectors I have seen various personalities, ranging from a mellow, open, and easy going inspector to the other side being a "fight the system" I hate this job but it feed the family type.

Neither apply to the fact that taxpayers are being penalized for reasons that are not as they are intended and a system that is stacked against honest hard working citizens, because the financial risk of pursuing the correct outcome is too high.

I have been helping him out money wise for the last couple months but the problem is that he spends $200 per day in the bar and has blew through approximately $600,000 in the last 2 years with not a lot to show for it.

The best asset you can have is knowledge, you really won't have that until you learn real estate instead of systems or niche approaches of dealing in real estate, that's not an education, it's simply information. :) 

The place doesn't even have a functional septic system and is in very rough shape (I plan on $100K in reno) so I am not sure how they are going to move in let along get financing for it. 

So in hindsight, I guess it's a good thing that I never bought any of the "systems" they were hocking.