Would me not having experience as a landlord affect this? 

Rinse and repeat.

However if you are trying to learn the ropes to repeat this process then maybe partner. 

In general you want to be very up front with the lender to avoid any surprises at the last minute.You may not be able to repeat this very much with the same lender. 

That's not the point though, in the next 6 months, next year 2015 just next to where this house is located at there will be new houses built...I would like to know how the area will be affected, pros and cons!!!!

Just make sure that you recognize the mistake and learn from them, so you won't repeat the mistake in the future.

If the owners wanted the power in their name so they could see the ups/downs they always had the option to have it in their name.Not sure what the real motivation is, may be they are having problems collecting from tenants moved out and decide to put the thumb on the owners.It doesn't affect me too much I will just raise the rent a bit to offset the cost. 

(awesome) and I aspire to repeat the same success as you my friend!!.  

Even if you have to repeat that process twice, while you're saving cash, you're still not stagnant, because you have 2 properties at the end of 2 years. 

I eventually found out that it went under contract for 32,400 (obviously less than the counter-offer that they had sent to me repeatedly).