Time to build the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthereCheck out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

Fill in the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthereCheck out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info.

It ultimately sold (for much less than ARV). 

Unlikely, but it ultimately depends on the lender/underwriter.

That's usually my first aprouch, if you tell them you might want to buy it, even if you know nothing about the house or person, it's like the ultimate ticket to at least check it out and make an offer.

Ultimately, I decided that I would stick around and become a sponge.

I’m leaning towards renovate/rent option as if ultimately like to get into rental ownership.

You can ask if they work with multiple AMCs and if the fee varies at all, but ultimately the assigned appraiser needs to come from one of their AMCs or in house appraisal desk.

Kodak is a great example about how an established household name failed to innovate and ultimately died.

I highly suggest you to read, "The Ultimate Beginner’s Guide to Real Estate Investing."