Preparation, proper screening, conservative monetary policy- yes. 

It's great that you want to get into RE, however with your strategy unless you want to drop a bunch of cash on marketing wholesaling will be quite difficult, and given that you are an attorney will have a much lower monetary return on your time than your day job. 

Look for soft spots, cracks, holes.

Of course we bought the course, and while enlightening, the course material has got some holes we are looking to fill.

Any holes in my plans?

Of course we bought the course, and while enlightening, the course material has got some holes we are looking to fill.

I heard of one cutting a hole in the living room ceiling and roof , then had a  bon fire in the living room for heat, using the kitchen cabinets for wood.

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.

Spoke to my dad and he said the house just needs to have the holes covered up from where people hang stuff on the walls and that's literally it.

I am looking for anyone to poke holes in any of my assumptions or provide feedback on things I may be overlooking.