If it is the former then I would say to hire a coach who can assist you with education.

What hasn't been mentioned is that before jumping into real estate investing, it would benefit you greatly to start your education in real estate investing.

If you could go to one real estate investing conference or convention a year for education and networking, what would it be and why?

I have started my real estate education by listening to BiggerPockets podcast, reading posted articles, and I have purchased and started reading  several of the BiggerPockets real estate books.

@David Flores in my opinion if your goal is to sell any property at 50% of market value just work backwards from there on how much you would like to make. in your example of this property lets say you wanted to make $5,000. that property would have to retail at $34,000 in order for you to sell it at 50%($17,000) pay the $10,000 in liens and pay the owner $2,000I think everyone is going to be different on what they think their time is worth so if your happy putting up $12,000 for liens and purchase to make $3,000(25%ROI) because the market value is $30,000 then do it at the end of the day you have hungry new investors willing to make a $1,000 and get some education then you have pros that won't do a deal for less than $10,000. you just have to decide what your willing to accept both in monetary and education because both are currencies in the investing world@Brandy Horkey I second what you've said, I know in Florida that the county appraised value is strictly for tax purposes and not what the actually market value for a property is.

When I asked loan processer if we can still close on Monday, here was her response: “We wont get a clear to close unless the underwriter clears the conditions, the CD is a separate part, that just helps get the waiting period out of the way, right now we need to wait to hear from underwriter on 1.

Terms of 15yr don't allow for adequate cash flow.Does anyone know of a way to get a 30yr term without this 6mo seasoning period. 

Good points @Brent Coombs, am definitly getting an education in what not to do, but it could have gone the other way also and sold out fast, when we subdivided there were 0 lots in the area to build on, and houses were being built on every available lot, so I took the chance that they would sell fast. 

If the current owner funds the reno, we can add whatever additional money he put into the property (during our lease period) to our purchase price at the end of the lease period. 2.

I run The Spokane REI Group here in downtown Spokane.We're a no sales, education oriented network group.