I don't have a lot of support in this area, and no experienced mentors at this point, so the bombardment of negativity made this entire process especially difficult for me.

I suggest connecting with an experienced investor in your market to advise you on your first potential deal.  

There is always something that you wished an experienced person would have told you about before you begin a new journey.

C areas for the risky with a good, experienced local management team. 

Kind of seems like they prefer experienced investors too....

My current thinking is that if I am able to beat the 50% rule and given if the property is not a junker and doesn't seem like there will be significant difficulties getting it rent ready, it seems like I could cash flow even while "ignoring" the 1% rule.

There are many in the LA area and are a great way to connect with people, and learn from more experienced investors. 

@Jordan Presley Go to your local REIA and present the deal to experienced investors there.

Starting out with someone experienced is smart.Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info.

More experienced investors have passed on that deal and the wholesaler is looking for someone to unload it on.