We don't yet know how much will pay our insurance and afraid to get from them less then we need, and we determined that what we need is close to $50k.

I'm interested and determined to make Real Estate my living, I wanted to know what lingo do I need to learn, phrase, terms and ideas that would be useful for a starter? 

You must determine what the property is legally and that will determine your loan options, in other words, you can't call a condo that you purchase four units of a fourplex just because you want it to be a fourplex. 

Step 1 is to determine your long term "why" for yourself and your family.

Then, after fixing it up you get an appraiser out there to determine the properties new worth.

Once you determine that you can start thinking about what house fits your crietra. 

I feel the answer to this question is determined by how long you anticipate owning this property. 

For me,  I've defined  3 metrics that I primarily use to determine if a property is a good deal.

They can teach you quite a bit, I'm not knocking them, but I learned everything I needed to know on the internet (a lot if info for free!)

Once you have narrowed down your markets, a qualified agent can help you determine ROI on potential properties.