I intend to rent out the units by room to college students (does it sound like this would work in this area and what are some general tips/things I should look out for?).

There's definitely some opportunity with people wanting to make moves post-storm.

But opportunity arises from uncertainty, when planned for. 

It wasn’t a massive deal—our expected assignment fee was $10,000—but when you’re growing a business, every opportunity matters.Everything seemed to be moving smoothly until the title search revealed a major roadblock: the mortgage discharge couldn’t be cleared because the person who needed to sign off was deceased.

The sooner you regain control, prove that you fully intend to enforce the terms of your lease, and that you will not be 'played' by their recall of events or documents, the more effective this action will be.  

Gardnerville and Minden are way expensive and I don't like HOA's.Are there building opportunities out hidden valley area?

Not to mention what is your opportunity cost on that? 

The 1 mile income radius could be misleading in either way to the positive or negative if the property is on the right or wrong "side of the tracks" so to speak.The 80% occupancy, if it's solely due to the mismanagement of the current owner could be an opportunity. 

I’m a newbie into the space and I saw wholesaling as a great opportunity to get started as an introduction.  

While some buyers may shy away from the 7.125% interest rate, others who are familiar with the "Subject-To" strategy or are more flexible on financing terms may see it as an opportunity to acquire a property with decent equity and no need to qualify for traditional financing.