I work in Planning, Design and Construction and Facilities Management at a local hospital and have a Masters degree in Construction Management from Arizona State University (Go Sun Devils). 

@Jerrell SlayIt really depends on your comfort level to complete the flip.

Also, I wanted to become more capable of understanding different RE terminology and concepts so that I know how to ask the right questions and truly understand how a lot of it works, as before I was just reading most of the posts I would get alerted from my keywords alert setting on BP and was not comfortable becoming actively involved in the conversations because I just did not know enough. 

because Maybe i have never done a flip before and dont have a track record for you to feel comfortable loaning the money.

On one of @Jeff Brown's articles there is good discussion on some things people are doing to retire.http://www.biggerpockets.com/renewsblog/2015/02/24/why-most-americans-wont-retire-comfortably/#comment-186943Curt Smith made a great post on what he does - he puts the rental income in a SD IRA then uses the income to buy more properties inside of the SD IRA since he being taxed less.

Set a goal that's a little bigger of a bite than you're comfortable with and start driving toward the goal like Marshawn Lynch in BeastMode.

At least two banks I've spoken to, are comfortable with the 25% downpayment coming from 3rd party funding in a secondary position.

Once you've found a direction that you're comfortable with, charge straight ahead.Best of luck, and let me know if there is anything I can do to help. 

They are designed specifically for underwater properties, but the rental status may be a deal breaker.

Design, and engineeringPermits, fees, utility hook ups, etc.Materials and laborFinancing costsTitle and escrow feesMarketing costs (real estate commissions, etc.)