@William Tomp, yes 90+% is ideal and shows that generally supply and demand are in balance, really more like 95%, but when you start getting above that, you can bet supply will be growing quickly as everyone is looking to bring new product online.If the market is really low, it is clearly oversupplied, and knowing which side of that trend you are on is important. 

It basically said we were amending the contract to match the amortization schedule to the mortgage and everything else stayed the same.

I'm mostly angry about the lack of integrity (new investor idealism?)

You could ideally buy and rehab a house just using your 60k liquid. 

That may not be reflected on the P&L.Ask for a Cashflow statement and ideally cross-reference it with the property's bank account.Of course, having an experienced person take a look at it will help.Beware of using the selling broker's numbers listed in the Offering Memorandum.There are also reports available that give you the average expenses in major markets.

Ideally, you want capital gains, not earned income in order to be taxed at the lower rates.

The idea of having a tenant in place with purchase is very ideal. 

Since I’ll be a new licensee, I’ll have to work under the supervision of a managing broker and again this person would ideally be an active investor himself.

I know this much debt is not the ideal situation, but how else can I do it just by myself with no partner.

Ideally your EMD is sitting with an Escrow.