With enough reps in the student rental market, there won’t be much you are unprepared for when you jump into your first deal.Best of luck young man, and keep the positive momentum going!

I had a rep of mine come out there and talk to the subject tenant in person, explaining him that the basement is NOT a living quarters and etc.

(This is common with listings that are not in your geographic area, outside your area of expertise (i.e. commercial), or whatever).If the seller is represented by a broker, and you refer a buyer to their agent/broker, you would normally ask for a referral fee from that broker (this is less common: because why wouldn't you just rep the buyer and take the full commission?).

The sales rep, Lindsay Caldwell, told me the number of leads per zip I would receive (43) for the spend I was willing to do ($3,000 a month).

This is a smaller property and your inexperienced, so I would consider a buyers rep if you have a good one you can trust or if you have an experienced friend that can tag along.

Make sure the person are 'partnering with' as far as a broker 1. knows the market 2. knows the other brokers 3. can put his rep on the line for you 4. flip your house and make a profit for you.

For some add'l context (this is also for the lurkers that'll come across this thread in the future), the last time a wholesale rep (a person who courts mortgage brokers for brokered mortgage business, representing a wholesale lender which can be a bank that also lends to consumers directly, a REIT, a CU, etc) called me all excited about their 80% LTV 2-4 unit investment program, their rates were north of 6% and ARMs.

That, and developing a relationship with the lender or the rep you work with at that institution really helps.

I had been speaking with a rep there and just found out today they lend on the LOWER of purchase+rehab or appraised value.

Talk to them about their services.2) Call the local reps from the national chains, Marcus & Millichap, CBRE, JLL.