I don't have any income yet as I am just graduating.

.*** The first 12 incoming checks are free each year.

I think I was fortunate to find a roll outside of real estate to diversify my income across two different sectors of the economy. 

There will likely be a partnership return required where you flipped a house with a partner and lost $120,000.If you sold the other property within the same partnership, it will also be reported on that partnership return.The net result to you is that you will receive a K-1 showing your income / loss which you then use to report on your individual return.If you made no money within the same year, you likely pay no additional taxes / get no additional refund.Best of luck.

BUT...if you're American and can still get loans in the US (the silver lining of having to still file US income taxes while living abroad), then why not use leverage?   

If I read the story correctly, your client did not report rental income.

I did most everything I was supposed to do, increase my income, decrease my living expenses, save cash, etc.. 

It's going to vary depending on your own income outside of investments, your age, your ultimate goals, whether you want/need the income to live off of, and all kinds of other considerations.

The debt to rent income is fantastic, but I understand if the city is not growing.

If they pay late now as is, let's say they lose a job or have a temporary loss of income, you're kind of SOL.I would look to build reserves between now and August.