Great question, let me explain:  Home Warranties offer discounted repair and replacement services for major systems and appliances.  

For me to make a traditional offer it would have to be very low to make my numbers work.  

For example if a agent stands outside a open house, you approach them, they show you the property and makes a offer, it automatically binds Agent-Client relationship although there was no specific contract entered between parties.Quote from @Khalid Bryan: @Joseph Weisenbloom has it been fully executed?

We know enough to be comfortable taking on some projects but definitely have a lot of learning to do as far as rehabbing goes.

Are all-cash offers at those prices common these days?

Offering $120K whcih is pretty good for the conditions and worse/smaller homes selling for that. 

Locate a mentor who can help you learn from their experiences and offer you individualized guidance.Even in an entry-level role, get experience by working for a property management firm or real estate investor.

@Jacqueline Lee I'll 1 up what @Evan Polaski mentioned....Each jurisdiction and city is going to be slightly different, but at the surface there is generally slightly more paperwork to get your property approved and into the system, but once you get it up and running and the first tenant in there, its generally straight forward to get the rent increases etc.A good place to start would be your local housing authority, they may even offer "Landlord" classes to understand the system more.  

@Carter McGillTo begin investing in real estate, you must educate yourself, decide on your investment strategy, evaluate your financial status, study the area market, connect with other local investors, find investment opportunities, secure financing preapproval, carry out extensive due diligence, submit an offer, and move forward.Learn about real estate investment by reading books, listening to podcasts, using the internet, and connecting with knowledgeable investors.

This home was outside of our comfort zone in terms of cash outlay.