I have limited experience in real estate.

In my neck of the woods, liability for the inspector is typically limited to the amount actually paid for the inspection. 

Hello BPers,We are new to REI and also have limited funds.

There are some limitations in some states though.

@Dayo OsibamowoI agree, if you are in tx know limitations of lease options in TexasI trained John Jackson into thousand two, and one 2005 hit with the new regulations, he made a business called Leasing tobuy.comBest book on Texas law, lease options and wraps is at www.LoneStarLandLaw.com Buy the book by David look  Willis JD LLM20 bucks, give one to your contract lawyer :)

If you are pulling your cash out of a property, the only real limitation will be the percent of appraised value you can pull.

Ideally I would want to buy a house within 30 minutes of campus, live in it, fix it  up and then rent it to other students when I'm gone but having limited funds, i'm not sure how realistic that is. 

very limited,I have been there few times, but know a couple of landlords from that area

Let me know what towns you are looking to live in and I will let you know the loan limits and loan officers that can assist.Welcome again and you are in the right spot!

As an individual with limited real estate investing knowledge, this seems solid but wanted to ask.Thanks,Nick