Also important to view the first one more as a learning experience vs. maximizing profits, as it is super valuable to get the first one out of the way to get started on the journey. 

This led to a building boom, of super high-dollar houses (limited builders and contractors), many of those in not very-ideal locations, cheaply built, sold to the highest bidder, @ 3.5% APR.  

That's super tough.

Ideally you don't have a super structured day & can take a few minutes here & there to respond. 

I feel like I don't have enough experience to lend Private Money and I'm afraid to do a mistake and not get the money back to the lender, the interest rates of Hard Money Lenders are super high, I was taught that with conventional loans it's hard and complicated to find good deals and I can't find any decent deal with creative financing.So my question is what should I do next?

That being said, we're super happy and excited about this deal because it offers a better living situation for my wife and I and our first property will be making $1,700/mo before utilities.

If I like what they had to say, then go direct to them and sign up for their deal flow.I think for most people it is not that common for people to write $50,000 or $100,000 or $500,000 checks for investments.....so when you're doing that, to me it is super important to know as much as possible about the sponsors. 

I have some ideas based on what I've learned so far but some direct guidance from those of you who've actually done what I want to do would be super helpful.Peace, Power, and Prosperity-Tommesa. 

Super easily done if you stick within the timeframe allowed by law. 

Depending on the property, #2 has the potential to net out a little better for your personal financial situation relative to your rent now.Also, live-in rehabs aren't super fun (speaking as someone who's been through one) and that really hurts your chances of getting roommates / using a SFH as a house-hack during the rehab.