A glance at an amortization table shows that the majority of early payments are interest and not principle, so his realized capital gains will be very low the first few years as he's making mostly interest income rather than gains.

Then realizing it was too low, went to 20 and then 15 years which gave me your number.Not being flippant, but it's the easiest way to get a quick P&I payment for a fully amortized loan. 

So I’m still researching and reading about REI (currently reading The ABCs of Real Estate Investing) and I realized I don’t understand how hiring a lawyer or account works.What exactly would I be asking them for and how would I be charged for their services?

Aside from multiple ongoing code violations, neighbor complaints and damages, they moved in extra people/pets, tried to scam the utilities, stopped paying rent and ultimately had to be evicted. 

The same way we realized it's a good tool, others did, too.

I didn’t realize it was such a good market for REI.

Of course keeping in mind, timing is everything with contracts and closing, laws and regulations but ultimately is it possible to get my hands on deals in other states if an investor is looking?

I went down to investigate it (while they were on vacation) and realized that there was water leaking, due to no barrier between the foundation and the window.

That is what you need to do to ultimately build a large portfolio!

Tip #1: Check out events and happenings around you by clicking on the linkTip # 2: How to Use @Mentions on BiggerPocketsTip # 3: Setting up Keyword AlertsTip # 4: 25 Tips for Real Estate SuccessTip # 5: Check out the Start Here pageTip # 6: Check out BiggerPockets Ultimate Beginner's GuideTip #7: VotesTip #8: BP WebinarsTip #9: If you want information on Buy and Hold investing check out the Beginners Guide to Buy and Hold.Good luck and let me know if I can be of assistance.