I'm new to the bigger pockets community after only having read one of their books however Im excited to be a part of such a great group of individuals who share my passion for real estate investing.

Account Closed like somebody else had said if they are doing the ignite program there i would do that and take the training classes they have. those classes will help you get a better ideal of how to become a better agent and will give you an understanding of what you really need to know to be a great agent. the state exam is mostly written by a lawyer so while its great to be aware of the rules and laws which is very important it wont do you any service when it comes to making deals happen.  

I could put 20% down but will leave little to no room for improvements/work that needs to be done.My questions is, can I put 5% down  on a fannie loan, use my remaining cash to upgrade/rehab the property and refinance in 1-2 years for an increased value, ideally 20% higher and then eliminate PMI based on the new higher assessed value?

In any event, looks like you realize this isn't an ideal situation and will make changes. 

However, less thought about individuals range from advertising agencies to commercial printers, Web hosting companies to wedding planners.

Monopoly taught us a valuable lesson we took for granted in terms of green and red houses and hotels, but the real key to the 'real' game is to change your perspective from being an earning employee to an entrepreneurial acquirer of assets - through your lifetime, and ideally, onto your heirs lifetime(s).Focus on asset accumulation, whatever the vehicle or vehicle(s), and you will see a vast horizon beyond your current 40k mental construct. 

I need meet some more like minded individuals.

@Roxanne BaisdenThe following IRS links covers the self-employed topic.https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

They are high but not that different from the kinds of fees and sponsor split you will see in direct syndications.That said, individual NNN properties are very passive.

With ideal situations which would you choose?