I am currently serving on active duty in the Army. 

Most parts of REI are difficult at first, stay active and things will fall into place.

He's an active wholesaler and does retail fix/flips. 

There is an active real estate investor group in Little Rock you might want to connect with.

Also, take into account the amended rules AB 2299 and SB 1069, and explore the opportunities they could provide you in the neighborhoods you are concentrating on.  

Get your tenant to explore NON- FHA options like 99% ltv & 97% conforming loan options.Also, you need to know the REAL deal with this buyer's "Mortgage" report credit and ability to obtain a loan.  

Can any of experienced fellow REIs kindly teach me what activities I need to do to avoid those risks?

lots of resources here,  one local guy on here i know is active with oil and gas and might be a good resource for you on that end. 

Do you have the funds to take down the deal or this a just for fun activity that is for your personal edification with the hope that one day the money will be there? 

Preferably as many units as possible but with hidden value in making improvements (the unfinished attic in our current house was a goldmine) a.My feeling is auctions are good place to go for this but I don’t know anything about auctions. 3.Rent a property to live in for the first year I can’t subject my fiancé to living in a gut rehab again 4.Use the cash generated from the property and work during that first year to put together a down payment for a house for us. 5.Re finance the rental property and buy more property.These are my other day one questions: 1.I’m an architect, does anyone have any advice for actively leveraging my skills to help me do this real estate investing thing full time/ what career change could help me ease into this while still having a salary?