Not to say that some of those "Guru's" don't know what they're talking about or don't have great systems in place, but with the thousands of dollars you spend on their courses/sales pitch, (call it what you want) you could easily put that same money towards an investment, JV, etc., (after doing your research of course).  

I would figure maybe a third of your rehab budget going to that early in the planning and get it fixed first because if it leaks and rains during your rehab all your inside could ruin and you'd have to pay double for it.

Below the rotted wood was the excess water that ruined the soffit below.

If I were you, I would do my research to see where the thousands of music industry folks that are being priced out of The Gulch and Music Row are starting to migrate to find affordable living.  

We have offered the owner a thousand dollars plus clearing up the fines and taxes for the property.

It is in an excellent school district and would probably rent for $1500.The home is full of "stuff" that he doesn't want anymore, but he says that if someone took the time to sell everything on craigslist, it would be worth several thousand dollars.

Check closely if it's in a flood plain as insurance for that has gone sky high in the last year into the thousands annually.

That they have to start an eviction 6 months in advance, that squatters can basically park for free, ruin your unit and skate while you pay them for your keys back. 

Hundreds if not a thousand over the years, have asked me to teach them, I've had RE "teacher" types ask me to mentor them, the answer has always been no to most.The reasons the answer is no is because they don't understand the fundamentals of real estate,  they have an attitude that only certain functions must be known, they aren't willing to recognize that it takes a broader understanding of real estate to function correctly, they lack too much knowledge to begin where they want to start.

I am 24, and have dozens of friends who swear by the stock market and blindly throw thousands into their Scottrade accounts based on what a Yahoo finance article says.