I always thought after college my "life" could begin.

There really isn't an argument here...not an intelligible one, anyway...Your friend is rich right now and makes more cash flow from his current holdings than you will with 50-financed properties...roll in appreciation and he is set for life...and his family...and their kids...

Total Equity conservatively speaking is $135,000.I own a 4 unit that I used an FHA loan for 3.8% and I have to pay PMI through the life of the loan (around $79 per month).

The problem is when there are too many auditors who can not do complex cases because they are new, and they have very little knowledge of anything in life, they tend to be like a pit bull--they will not let go of what they have. 

Ive been surrounded by real estate my whole life!

In Sanskrit, guru means literally dispeller of darkness.However, no one should by notes from their Guru, huge conflict of interest & it ends up bad as the Guru gets bigger & fatter, just like Scott Carson, who now has stolen by now millions from so many, their life savings gone.

Just learning about real estate investing but I'm ready to change my life.

Is it confirmed by your life experience?

Not just in RE but in life.

That said, set backs will be there, everyone has them in life and in real estate.