School Loans and Getting into Real Estate

[Charles Roy]

Hi everyone!

I have a few question, but I need to give some background information to help with the decisions.

I currently have $43,000 in school loans and am 27 years old. 

I also have a potential deal in place with my father. He is liquidating his assets and has a triplex that consists of (2) 2 bed and 1 bath, and (1) one bed with bath that could be converted to a 2 bed one bath. There is also a 3000 square foot area on the bottom of the triplex that use to house a business. The building was appraised at 185,000 6 months ago and he is going to redo the paint on the outside and put in new flooring and carpet in each bedroom of each unit before selling it. My father said he would sell it to me for 140,000. This means I would have 24.4% equity right out the gate if I acquired the property even before renovations. The apartments are renting for about 200-300 under market rent values. I was thinking of converting the bottom area into a salon and renting it out because there is nothing in the bottom producing any type of money and cosmetology is huge in my area. 

Another thing to consider is I am a travel x-ray tech and am currently able to put $1,100 a week towards my school loans after paying all my bills. 

My question is should I focus on paying school loans off since interest if frozen right now? Or should I acquire this deal that is positively cash flowing and lessen the amount I am paying towards my loans or just wait for the school loans until they are back into repayment? 

What would be the best loan type to get? I was thinking a commercial loan since I would start with 20% equity up front and I don't think I would have to pay anything for a down payment other than closing costs if I am correct? 

Thanks guys!