For instance pay their asking price but get a 2% interest 30 year loan and have them finance the downpayment on a 3-5 year balloon.

(Maybe the text books will have something like this above....so they are probably a good read... but don't expect them to give you HOW to figure that out--just a heads up on it--and then just maybe).And lien releases are very important--they differ by state....you will need to learn something about that too...as well as thousands of other things.Good Luck!

Are we heading towards a crash?

Not only that - without getting too political - given the direction(s) CA is heading, I think we may need to consider other AZ options if this ends up being more long-term than originally planned.

It seems like your head is in the right place and is potentially a good deal (not financial advice).

I believe Chick Fil A for instance, you can only have that franchise/business - I don't think you can own anything else (at least actively). 

I know my carpenters were pig-headed and thought they were all tough guys and knew it all.Especially after work...you know, a couple beers and the guns come out.

For instance one cannot specify the length of time to do a flip.

Constructing a new property is a complex process but there are many instances where renovations can be more expensive.

I need to have an idea of what to look for to not get in over my head.