Since it is up to the judge, this will vary in practice from one jurisdiction to another. 

(Get a degree if you don't have one) (Get a masters if you have a bachelors) ("Work work work work work" -Rihanna)3) Use that money to buy strong CASH FLOWING houses (buy and hold)4) Keep saving, combine the savings with your investment income5) Use that money to buy more6) Keep growing the business7) Retire!

I'm also interested in taking the 4 year college path and perhaps getting a degree in business/accounting.

Arizona state law will govern the contract, and laws tend to vary from state to state.

Beyond that, it is just different degrees of advantageous or disadvantageous situations acted upon with or without knowledge, meaning that the word "mistake" is a judgement call.

I suppose it could be the difference of being either taxed at marginal income tax rate, OR capital gains, which may well vary from one another.

More traditional brokerages can vary in their commission splits (I found 70/30 or 60/40 for super newbies fairly standard when I was looking at brokerages to join). 

That would give you much superior returns over paying a bunch of middle men, you would also then be assured that the rehab was done up to you quality standards, and finally it would hedge your investment to a large degree from any short term pricing volatility caused by a recession or other events outside of your control.

I am pursuing this degree to avoid having to work two jobs for decent pay rather than moving to an area out of state where I can best utilize my undergrad degree.

Does the borrower have the cash/liquid assets to meet the required down payment on the property and cover the bank's closing costs which includes appraisal, tax search, flood search, underwriting, etc (this varies from bank to bank).4.