You will make mistakes but thats part of the journey. 

One think I learned after making a lot of mistakes on the two rentals I owned in the past - do NOT be in a hurry.

It's a common mistake to think of architectural drawings as a product instead of an instrument of service.

Hopefully this can keep others from making the same mistake I did and I look forward to using your service!

If a lender is making mistakes at this stage (aka, not showing all their fees) that might be a good indication of things to come.  

Don't be the guy/gal that has to throw together a sloppy remodel and complains to your contractor(s) that the final figures are too much simply because you made a mistake on the front end by paying too much.That said, there is nothing wrong with purchasing buy and hold properties to get your foot into the market.

Im surprised that the original owner undervalued it so much, and don't want to make the same mistake in selling it lower than what its actually worth.

After that, learn through your own mistakes.

I anticipate I will begin receiving distributions from the IRA in the next three years or so (and then begin paying Uncle Sam).The reason to become educated is so you don't inadvertently make mistakes in self dealing - which would invalidate the tax status of the investment.  

Like Chris says, buy some low $ notes, and make your mistakes and get better.