And I know that legally an email or text notification which the tenant acknowledged isn't sufficient right?

I am looking for a SECURE, reasonably-priced (preferably free) site that allows prospective tenants to fill out an application online and then have the completed application emailed directly to me (or give me online access to the information)?

also if I get all 5 properties under contract how much of a discount is reasonable?

The reason I ask is because I ha e had people not want to deal with new investors. 

The only reason why im going for it just to make my parents proud but my question is should i still finish school or should i save all that money towards my next deal?

More and more listings are coming on the market every day, for two reasons: 1) sellers who bought before the crash have now seen some good appreciation and are able to sell for a small gain 2) older long time landlords are ready to retire and are looking to cash in on the high demand for this property class right now. 

I recently met a landlord who is looking to liquidate the townhouses he owns for health reasons.

I like the idea of calling property managers to try and confirm if the expenses seem reasonable or not.

The NOI (Net operating income) needs to be sufficient to cover the payment and some amount of spread.To make the numbers simple lets pretend the payment on the 50K mortgage is $500/month and the 70K mortgage is 700/month (these are likely high numbers) if the rents minus expenses (excluding mortgage) net out to 750 then the 70K mortgage is pretty risky since there is only a $50 spread and the 50K mortgage is much less risky with a $250K spread. if these numbers held up I wouldnt buy the property at all unless I could get a 60K mortgage with a 600/month payment and have a spread of $150 and 10K in cash reserves. 

I planned on renting it out for $1350 (Very reasonable in my market).