I have been doing a lot of back of the envelope calculations using 1% of the financed amount vice 1% of purchase price and that seems to be the go no-go point for positive cash-flow for a lot of deals these days.From what I've seen, and my investigation is just in it's invancy, rental rates seem to drop off qucikly as you move away from the university (like outside 1 mile).

He states he want a higher amount that I can offer him.

With the amount of cash you have, you could also look off-market.

I have spent a fair amount of time on the BP website reading everything I can get my hands on, including the Ultimate Beginners Guide, which I found to be a great place to start for a newbie.

I'm new to the Section 8 program and I've done a fair amount of internet research but still can't find definitive answers on how to apply for section 8, assuming that I need to. 

There is also a fee for paying off the loan within a certain amount of time.

On advise pages it's suggested to take the amount the home depreciates into account. 

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bpThe second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

Basically you could buy one deal all cash or 5 with the same amount of cash using financing and the tenant will pay the mortgages down for you (hopefully).

Starting from the bottom is tough, practically speaking.As far as attorneys, I've noticed a surprising amount of RE attorneys don't know anything about wholesaling.