You will want to look into smaller regional banks for financing and as long as your proforma caps aren't ridiculous and you can show a cap rate reduction from going in to coming out or refi, you should be fine. 

We just aren't ready to purchase the kind of place we want right now.

To answer your question: Truly, I'm more interested in owning my own properties but naturally helping to manage the properties of others would also advance my education of the industry. 

If nothing else works hire an attorney but check on the place frequently to make sure they aren’t gutting it.

Your purchase price should maybe be +/- $2000 from the appraisal price, but typically you should pay the appraisal value.Everything should be in-house - rehab work, management, etc - a turnkey company shouldn't be making you sign a contract for a third party management company because then they aren't really accountable to you long-term, the PM is.Beware of scarcity or scare tactics in sales.

Get educated on the local market, look at prices, cost per sq. ft. and what finishes, lot sizes, etc. are so that you're comparing apples to apples.

What area, in particular, are you looking to educate yourself on?

Obviously those aren't die hard rules but good markers.

She also manages to explain the information in layman's terms for those of us who aren't lawyers. 

Like I said I am totally green in the world of real estate and looking for as much education as possible.