I am from the Midwest where cap rates are high and you can have positive cash flow with 10-15 year loans.

@James Mc Ree the example I mentioned above was for a 1st position note. 

That said, I do think you're in a great position to make it happen if you're strategic.

There are more factors than just pure cashflow and it seems like you are in a good position to be successful.  

With $23k and potentially more, you're in a good position to start looking for investment properties, especially in Ohio, where property prices can be relatively affordable.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

They could positive cashflow and i believe there should be good rental demand from student population but i am not sure about the scope of appreciation in the area.

The primary metric you should be focusing on is return on your equity position.

Great position to be in.

she was rushed taking off from work, with the sellers and everyone there, and not in a position to read everything let alone negotiate a change of closing paperwork.