Imissvixen, sorry to come late to the discussion. I remember the Miss Abby Kat thread and am thrilled that you’re interested in pursuing racehorse ownership.
From what you’ve said, I suggest either claiming or privately purchasing a horse in training. That way, you’ll have immediate enjoyment - you’ll have a fit horse that is ready to run and is a known quantity talent-wise. You could also buy a young horse and bring it along, but you will wind up investing considerable time and money in a horse that may or may not even make it to the races - due to injury and/or lack of talent. And, I suspect the partnership route may not be hands-on enough for you.
There are some drawbacks to claiming - one being that you could claim a horse with serious issues and the other being that if it’s a good horse and you run it where it belongs, it may be claimed away from you. But, any horse can get hurt and if a horse is claimed you can always claim him back or buy him back.
If you want to claim, find a trainer at the track where you want to run who claims a decent number of horses and, ideally, is stabled at the track. You want someone who knows the horses and the various barns. Talk to a few trainers and be upfront about what you expect and choose the trainer that you feel you have the best potential to have a good working relationship with. Stats and trainer standings are one thing, but you want to have a good experience and have fun - find the person with whom you can do that. You would think a big barn would be less personal, but it really depends on the individual who runs the barn - what you probably want more than anything is a trainer who will be appreciative of a one-horse newbie owner (and you’ll be able to tell that fairly quickly).
How hands-on can you be? Again, it depends on the stable. You can expect to be able to be kept in the loop as far as your horse’s wellbeing and training is concerned. Weekly updates from your trainer is standard. You should be able to visit as often as you like to watch training, play with your horse and - depending on your horse, your skill level and the stable - maybe groom, hotwalk, hand graze, etc. your horse. If you stay out of the way and don’t interfere with training and barn chores, you should be welcomed.
One phrase you hear a lot at the track is “there is nothing more dangerous than an owner with a condition book.” In other words, let the trainer do his/her job and pick the races. You do, as an owner, have final say in what race in which to run your horse, but it’s best to leave those decisions to the trainer.
What you should not expect to be able to do is dictate how your horse is conditioned and/or cared for on a daily baisis. If a significant issue comes up, of course you can talk to the trainer, but as far as the little nitpicky things that you see people complain about at riding horse stables - forget about it.
Owner/trainers come in all shapes and sizes and the idea that they are all small-timers struggling along is absurd. But, I don’t suggest trying to train your own when you have no experience - you’d be facing a serious uphill battle.
The Backyard Racehorse group might be a good idea to gain some exposure to the world of racing, but the Backyard philosophy is more about not using medication than about how to train on a small scale. Factor in what Dahoss and Florida Fan say before taking those philosphies to your trainer and asking them to implement any of those methods. 
If I were you, I would contact some claiming trainers at the track where I wanted to race and tell them I wanted a horse to have some fun with and go from there.