You still need to go through the P&L's and figure out which line items need to be addressed.Bob, Nice to see you coming around trying to again educate me on CAP rate again.  

But like I said, I've been educating myself with real estate and doing the real thing is something I've not done.

My main reason for wanting a license (aside from the educational aspect) is to be able to search the MLS on my own without the need for a realtor.

Can somebody educate me on that?

Did you read any books that helped you get started or do you have any recommendations for someone in the education phase of investing? 

Questions #3 - Is there any do or don't advice you could inform me of that would better help me educate myself on how to go about this without wasting time and money on areas that may not be beneficial or helpful?

I got a college education in business that emphasized real estate.  

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookCouple good reads 9 Reasons You Couldn't Find A Buyer For Your Wholesale Deal Don't Start Wholesaling Until You Read This: Wholesale Advice from a Fix and Flipper How to Start Wholesaling: Getting Past The Education and Into the FieldDownload BP’s newest book here some good due diligence in Chapter 10.

They all provide basically the same results (most comprehensive background check and credit report/score). 

The education with which I'm connected has an 8-hour on-line class you can review anytime you want as many times as you want on Market / Property Analysis.