Can someone let me know if I am understanding this correctly, sorry I am very new to this concept.

This doesn't even factor in the cost of the property, so could someone explain to this rookie how to correctly figure out the maximum purchase price of a commercial property?

So after tooling around these forums for a while, conducting many searches, and reading a lot of posts I have seen something that has come up often but not yet been addressed (please correct me if I'm wrong).Everyone says you MUST buy properties at HUGE discounts.

Yes you are correct, that is the app.

Notice is notice, even if they got the date wrong, you still won't be able to hold them responsible for days after the correct notice period per local laws.

Correct.

I don't want to do things that aren't correct, or will burn the house down (I know to gage the wire correctly concerning amps).

If you guessed "me" you were Correct!

Seems I get in trouble bringing in the ax, but when something is not correct, those who know better have an obligation to any RE community to point it out as new investors rely on what they find and input such as yours can save someone alot of time and money.

Yes that is correct.