Yes, I have regrets...and hopefully I help 1-2 other not make the same mistake. 

If you can get control of a property for a small amount (either contract earnest money or option deposit) and then look to assign the deal you will reduce your risk and if you have a good deal, you should be able to find a buyer.You will make mistakes when you're starting out - underestimating the cost of repairs, overestimating market values, etc.

I just dont want to make a mistake and hope that the vets out there can give me a little guidance. 

You really can't afford to make this mistake with your first tenant acceptance decision.

It is called "the #1 biggest mistake real estate investors make today".

However, I am a first time REI and I think I could learn a lot by self managing my first property where my unavoidable mistakes will probably be less expensive.thoughts?

I made the 'mistake' of socking away every dollar I could for years.

If you make mistakes, you will have much more time to learn and recuperate.Before starting , try to learn as much as possible.

My complaints include long wait times on the phone, fees and fees, late quarterly statements, documentation mistakes etc.

Just in the last 7 months, I botched 3 negotiations with mistakes I wont make again.