Those guys are clutching to them with a death grip or selling for non profiting prices. 

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Seems like you've got a good grip on the deal, but just want to make sure you plan on making this property your primary residence. 

But bought those with a builders head rather than an investors head and only now getting to grips with what makes a good investment.

If he comes to grips with the fact that he has to move, you are fine.

I am also a principle for a construction/remodeling company and so have a decent grip on the costs to renovate a home.

You'll need someone to handle the Property duties until you get a grip on it all.Hope that helps.

start by talking to a lender and get a good grip on financing.  

Dave,I wound STRONGLY suggest that you stay away from ANY formal investment groups, especially anything that comes under the grips of the SEC.

I would absolutely LOVE to get together, face-to-face, with a Houston-area investor who can answer actual questions based on my actual situation and help me get a grip on how I might be able to take the next step.