@Ed Lopez Many good points in this thread.A few things I was thinking about when reading your posts:1) At $500/month in rent with annual turns it is going to be nearly impossible for the cash-flow math to ever work.

Use next 4-6 months to learn by listening, reading and watching how the real estate investment game works.

An agent sent me a video tape of a fourplex in this area that made it seem pretty good.

@Polat Caglayan very ambiguosu question, but read the helpful info below to guide your next set of questions:)-------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I am still unclear about everything I read on the tax benefits for getting the cash out refi, and would like to understand that better2.

I have read some articles that say assessments are up about 20 % .

I just read a new ranking of market ratings and I was not a fan seeing MN ranked 99.9 out of 100 potential score.

@Caleb Rehg  I would advise your first step is to search this site for college student rentals and student rentals and read all you can. 

Looking forward to being part of this awesome community.Thanks for reading!

I've obsessively been listening to every podcast episode I can, reading all the books, and signing up for any and every workshop and educational seminar.