There is education available through the Associations and private training from guru's like Mike Ferry.You must weigh whether you want to work hard then give your commissions away, or.... self-educate.As a contractor, it's all about how much you personally bring home, so look at commission percentages and monthly/annual fees from Brokerages before you place your license.

We're lost on how to get started on flipping houses in the real estate sector and we're very eager to get some insight on how to get started!

We bought the house three years ago because it was closer to our kids' private school, but it coincidentally had a rental suite.  

there are semi private lenders that will do these generally they want to see 40 to 50% down  10 points and 8 to 9% interest amort over 30

(I have a private investor willing to finance me on 100% of the purchase price)  Very exciting.  

That's pretty hazardous... and expensive.At the risk of offering unsolicited advice, I imagine that you might make more private money loans in the future, so allow me to suggest that you use a land contract going forward.

But it was private stuff. 

Outside of real estate, my career has spanned management consulting, private equity, corporate finance and marketing strategy.  

in 2014 the property was sold for 165k but the previous home owners just abandoned the place and left the private mortgage holder with the expenses.

If you had to borrow private money, you would probably pay a minimum 8% or more.