I have thought about probate lists because it should require less time from me (which at this point is most valuable) but I am not sure how profitable it will be. 

An investment friendly agent will guide you through this and have your back...just make sure the agent knows WTF they are talking about! 

Fill in the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check 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.

My favorites are the podcasts, how-to guides, and the free course.  

Section B2-2-04 of the Fannie Mae Selling Guide covers this.

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

The beginners guide to real estate book is an excellent place to start and will help you get a foundation.

If you're new I definitely encourage you to check out the Ultimate Beginners Guide as well as the Podcasts.

Am I frustrated that I used valuable time?

Hi Wayne:Checkout the following guide  A Simple Guide for Buying Out of State Turnkey it should help drill down mist of your questions.Much Luck!