How often do you guys "play" per week, month, or year? 

It is a 2 bed/2 bath unit (x2) on quiet dead-end street with attached garage on each side and large lawn.  

Finding a partner that compliments your skill set is my favorite way to play the REI game.Lack of hustle is a handicap, not age.

Shall I play their game against them?

Dead men don't pay taxes! 

I prefer 1st position notes but certainly understand how others like and do well with 2nds.Initially the concept was very foreign and I often thought 'wait, so I am buying someone elses debt and playing the role of the bank?"

Not all violations are dead serious, advertising to make loans by an unregistered lender is a violation, but that is enforced on a random basis, find someone to make an example of pretty much. 

As I've said in previous posts, people that are playing with their own cash can make a lot more money on most deals than those who are having to use some type of financing.And, as for ARV's and wholesalers...if you find a wholesaler who consistently (I'm talking over the course of years) brings you high-quality deals with solid ARV's & rehab estimates, then begin to trust their numbers.  

I am just starting and trying to play it safe.    

This is where the big boys and girls play.