My wife is in the process of getting her real estate license and we're excited to make a better life for our children and make a difference in our community. 

Quote from @Tricia York: I would really suggest you get an estimate from a licensed contractor to really know what numbers you are at for the C remodel.

While I'm new to the asset class, here's what I have learned:-due diligence: In addition to what you listed above, find a licensed marine contractor to look at docks and seawalls if you have them.

Where do you invest, do you have good agents to find deals, lenders, property managers, contractors/handymen?

You might combine the job and real estate investing, such as having a general contractor business you leverage in your own investments and supporting others.

This is America ... anyone buying property should enlist the services of a licensed agent.

In addition CA requires either a RE brokers license  a MLO license with NMLS registration or a consumer finance license..

ask them for recent permit pulls in the county and go look them up to verify activity. you can also call the local building department to verify their license and recent activity. if you don't see any run for the hills. 

 @Matt John Theres no license for a gc in Texas so there are no potential issues with unlicensed GCs.

I am a licensed realtor in Indy - I have some ideas for you -- let's connect.