If you did see the property but were alerted of the "train wreck" by your team, then obviously you have some work to do on your education of rehab budgeting.

Since you are new you may want to check out the beginners guide under the educations tab above. 

If I need to get my license and wait a year to form my own brokerage/LLC, then I am willing to do that.I have estimated the expenses to be between $800 and $1,000 for the licensing, the education course, and exam(s) [might do FL, AL, GA and/or TN for license].

Pick a strategy and learn everything you can on that strategy (and of course your target market).Education is your foundation so do you want a strong and deep foundation, or a mickey mouse one?

Looking for LL/tax friendly state, duplex or smaller MFR with established employment/education/rental base. 

As a newer investor, you'll want a CPA that can provide educational services to help you understand the strategies that you will be implementing.

I am no expert, I am an inspiring Real Estate Investor who is educating himself in order to be successful in this business, but I did learn that this morning and thought it was interesting and a great way to have more funding for investment. 

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

I've begun my education journey into real estate investing and would like to materialize a plan to obtain a first rental property.