I was looking at some foreclosure properties, and the realtor trying to tell me I can't do FHA with a foreclosure, cause its sold as is.

@Sarah Albert, if a few thousand dollar surprise is all that it would take to cause you to start missing payments I say pass.  

I would just wait, it’s pretty fast after the exam and you might cause issues should you not pass the first time.

@Brandon Sturgill Concerning the the Virginia state regulations I believe to be a licensed broker you have to work as an agent for 3 years, but I am unsure if the degree in Real Estate would negate that.

My plan is to find a partner willing to take a chance on a newbie cause I am not bankable and have no working capital.

Going to any other market will cause you to loose your entire edge.If investors are not available, is it good good to take a hard money loan? 

I am under contract on a MF property with water damage from a burst pipe that also happened to allegedly crack the foundation, causing flooding to a neighboring property.

We are relatively young I think (31) and honestly at this point in my life I wouldn’t be concerned at placing a monetary value on our time working on a property.

As far as finiding a renter is concerned, in Boston it is customary for the tenants to pay the realtor fee.

You will at some point be forced to at the least snake it which can be challenging sometimes or at worst replace it.If it is a flip I wouldn't be as concerned and just replace from risers up or whatever currently needs to be done.