Perhaps others have had success using other methods.

Best to minimize the risk by partnering with a trusted and experienced rehabber and pay him 50% of the deal to help you complete this one successfully.2) You need a team (contractor, rehabber-partner or both) to analyze the repairs AND the ARV (After repair Value, NOT AVR) to see if the numbers given to you by the wholesaler are in fact accurate.3)You may want to work a second job or start with wholesaling first so that you can come up with enough money (10% of project costs?)

But you have to have the foundation to take the risks in real estate.Network, find successful investors in your area, offer free hard work and labor to them in exchange for learning their business.

I'm open to ideas others have had success with in a similar case.

Anyone else had success with removing the smoke smells?

I agree with Brandon, you should find some people who have been successful in what you are looking to do and find out what has made them successful.

Knowing this, what would you suggest would be the best starting point to a successful real estate investing career?

It sounds like you are very hardworking and persistent - both traits a successful real estate investor needs!

My main goal is to "Create successful business opportunities for every investor."

Lowered to 115 in a month and went into escrow in June for 110.After paying the contractor his share (15% of profits), we came away with around 13K in profits.Although mistakes were made, we also learned valuable lessons.End Result: SUCCESS!!