They typically expect 30-40% down and 10-15% in reserves depending on the risk factors of the property.  

Typically with a property this size you require the schedule E tax transcripts of the seller from the IRS.

It unlikely calls for a closing/sale without substantial completion, and the bank shouldn't have an issue with funding with a typical "punch list",  perhaps holding back a few grand.  

Residential, fix and flipping properties...reinvesting gains basically.

That typically is investors.

Currently I am looking to gain more information/knowledge, network with other individuals, and would love to get involved in real estate.

I think it also depends on where you live - in places like New York and increasingly the Seattle area, the monthly payment is about the same or less to buy (if you have at least a 10% down payment and depending on the price of the home) and you get so much more for your money.Having a home is a bigger responsibility but owning typically far outweighs renting almost anywhere in the country.

because I have never used an online background check service like smart move I assumed that the process online would be virtually identical to the paper process that typical tenant would go through when renting any property.

If you sell your house, you are looking at paying Capital Gains TAX.

I did a SFR flip there in 2015 and made a really good returnThey've been discussin LA River revitalization for 30+ years but it seems to be gaining steam, local gov is on board, and they've been approved some funding from the fed