He owes around 150k for it and his monthly payment is almost 1700-most of which is strictly interest.

So I know I am kind of rambling but that's how I see it so yes there is a romanticism of hey I get to not work for the man and I am going to start my own business this can be done in hundreds of different ways real estate landlording is just one.WE are mainly on the debt side and I have clients that live strictly on note income..

CA put some strict copper theft rules in place.. 

I go strictly be numbers for my initial analysis to weed out most properties. 

It's how I found several of my deals including some that were strictly off market.

Regarding valuations:  There's no strict convention. 

Would this be a good investment to live for free and use as strictly a rental property once I graduate?

I am currently in escrow on a triplex using an fha mortgage + a seller carry back (second lien position) Due to strict fha guidelines on 3-4 unit properties...I could only qualify for 517k with 5% down.

FHA has some unreasonably strict standards for inspection.

Ignoring personal time involved, strictly financially, you're wrong about efficiency.