We will each produce an investment analysis worksheet for the selected house (we can decide on the format at the first meeting) and review the worksheets with the group at our monthly meeting.

It was our first deal and we wanted to take action How did you find this deal and how did you negotiate it?

Lots of posts will tell you to "just jump in", "take action", etc.

I live in Orlando and I am having difficulties finding a quad for less than $665,000 that will produce 1% or more in rental income. 

No recourse for us, only option is to reschedule and sit there and pay another 3 weeks of holding costs.Going back to the original question, you own the project, the payment schedule, and ultimately the actions of everyone involved in the project.

I would take action and start developing your core four (agent, lender, pm, contractor).

As a parent, your job is to produce good, competent adult people.

$150K is at the upper end of the price spectrum for a rental property and may not produce the COC return that you want.

Is there any action I can take here, or do I simply chalk it up to a learning lesson and don't let it happen again?

Get clear on what you're trying to accomplish, set goals that fit that vision and take daily action to get there!