Go straight into focusing on creative finance, subject to, and minimal cash down deals and build from there.I want to hear your thoughts on what direction to take here if you were in my shoes given these constraints (full time job and a few thousand saved) and you want to optimize for passive income first, then value appreciation?

Why not joint venture with someone who has money, fix & flip itWhy not rent it out for at least the monthly carrying costs.Why not sell it on a lease option, get 10% cash up front to fund school? 

I'm now realizing that in the state of South Carolina, the tax rate jumps 2% for rental properties to help fund public schools, a $600/mo cost that I didn't account for when using the calculators in the earlier stages.

As we evaluate deals, we're wondering if we're being too conservative with our estimates.

In addition, there's a church, Bethel Church, and they have a ministry school, Bethel School of Supernatural MInistry, which is expanding to have 3000 students.

Couple other things to consider, property / school taxes are high, and tenants have lots of rights.

No where was it stated that this deal was contingent on cross collateralization. 

Hard to say if it’s a good deal without the most important piece of data, what is the fair market value? 

The school is very good, but middle is not so much.I have some cash to invest, but can't decide what route to take.

I liked the tenant, school is starting back etc, I told them they could pay first month and security deposit and I would let them have the rest of August for free.