It seems like most investors back out of these types of deals, so you may be sitting on a great opportunity.I'm not a seasoned investor (Im working on my first MF deal here in NJ), but I am a structural engineer and will offer how I would approach this problem to hopefull start a discussion and get some more people to chime in.I would start with my investment criteria and work backwards.  

But this way you don't have to worry about the house sitting on the market for a prolonged period of time while the hard money adds up. 

When it comes to CT and NY, I can't recall at the moment.

Should I sit on the money and continue to try to make money without money and further my education in real estate?

Getting the credit history established was the biggest hurdle for me, and a quick trip to the bank can tell you where you sit on the spectrum and what you can afford. 

You might do a great job on the flip but all that nice work will just sit there waiting for someone to buy it. 

I gave my $300,000 move-in ready beautiful vacant home to this large well known local co in Oct 2016.( Ive owned and self-managed another very similar rental in the same subdivision-- since 1998--and it has never had one day of vacancy in 16 years-- rented at $1860.This professional pm co put all utilities in their name on my new property and turned the hot water heater ON and the Water ON ( even tho the main water cutoff valve is easily accessible in the coat closet beside the garage.They let the property sit VACANT OCT-NOVand on their "routine inspection on Dec 1, to make sure hobos had not moved in" they SAW the water heater in the garage was spewing (at full blast) A 20' stream/ fountain of HOT WATERand that the entire finished closed garage was covered COVERED !!

Now that you have decided to invest in rental income properties, and by doing so started a business, why have you not taken the time to sit down and learn the regulations that govern your business.Many landlord/investors come on Biggerpockets and post the most basic questions regarding tenants and landlords situations without ever bothering to learn the state codes.Why would anyone start a business or invest without taking the time to learn their rights and the rights of the tenants they are responsible for. 

I'm new to real estate investment (closing on my 3 property in 5 years) and I'm going to get my license, I just can decide whether I should sit down in a classroom for 4-5 days or take the course online.

So after our first rehab sitting on the market for about 4 months, we have some interest in a Lease to own scenario.