Example, there is a house with minimal needed repairs and rents in the neighborhood are $1200/mo.

So whats a good way to really proof read (have help proofing) this plan of mine to find out "holes" or a lack of knowledge placed in any of the areas need to invest with smart choices and minimal loses from the start?

Ask tenants to pay rent online, preferably auto drafted to your account to minimize delay of payment.  2.  

You can become the master of your market if you work at it all the time.Write down everything about the house the seller and the existing financing – you can always come back weeks or months later when you are more informed and make an offer that can be a short term fast equity profit or assignment fee.When this is done you will be knowledgeable of that market and when you are ready to make an offer you’ll know you will be getting a bargain.Find and work with a Mentor – not just anyone who calls themselves a “mentor”, a real down to earth financially successful person who can prove his or her net worth, show you their portfolio and can teach creative financing, no down money deals, delayed settlement, joint ventures, tax sales, negotiations, assignment and will refer you to the professionals who can represent you and close transactions.

I feel like it is an offer I cant pass up but I know my limited experience/minimal funds are a huge issue.

If I was young with minimal assets in San Diego I would look to house hack a duplex in working class area of San Diego ideally with an FHA low down loan.  

I would also double check with an accountant as to how to minimize tax implications and fairly spread any deductions or other benefits among all 3 of you if only one of you takes out the loan.

Also, FSBO properties can be a good source of leads that may require minimal upgrades to increase value, and since these owners do not work with professional representation, it has been statistically shown you will be able to get sizable concessions on price, in addition to leveraging the outdated condition of the property, it may result in a significantly discounted purchase price in the right situation.

no direct experience myself in Illinois,  but a mentor mentioned that evictions in the winter time will get delayed by courts due to weather. it's the same situation on my apartments in Indiana. 

The home is in fabulous shape, needing minimal repairs.