Mind you, I haven't actually talked to any loan officers, so I suppose it could be worth a shot just to see.Still, I'm looking for other ways to get hands-on experience with real estate in the meantime.

Both my wife and I are in this together, can we operate as a simple sole proprietor structure?

As for what type of properties you want to look for.. cashflow is King, especially given your financial situation.I honestly wouldn't look into investing long distance with your minimal income and minimal cash in hand.

I think it's okay for a mentoring fee, if you get LOTS of help and hand-holding and explanations from which you can learn.I think a 50/50 split may also an equitable way to pay for their help, but both is WAAAAYYYY too much to give up. 

Simple, by the numbers, efficiency.

The owner just wanted this property off his hands.

I say, "Oh, you got one of our hand written letters, we do it that way so people will accually call.

@Michael Faudoa This can be as complicated or as simple as you want to make it. 

We handed them Notice to Quit and gave 60 days ample time for them to move out.  

Perhaps someone with more local expertise can lend a hand here.