Run as fast as you can in the other direction...and don't look back.

During this time I'd recommend learning as much as you can in the two years before you have a down payment.

I cannot speak to the impact to local businesses, but of all my rentals, the ones I am least concerned about are the college rentals, which have, along with almost anything associated with higher education, had a fat enough margin to survive far longer than a 1-2 semesters of unexpected vacancy. 

And no you don’t have to hit a home run, but Warren Buffet talks about waiting for a fat pitch.

Happy to advise if you need any pointers on where to cut the fat.

But for what it’s worth, based on the limited numbers you provided, the deal sounds pretty good. this happens all the time with the folks that set up self directed IRAS the big custodians just drag their feet letting the funds go.I would be more concerned about the deal.. that one sounds kind of wonky.. small towns ( commercial) that could sit vacant for a long time and this could be a big fat white elephant so..

I figure I'll do as much research as I can in the meantime.

I have been learning all I can, in the recents months, about the different sorts of investing.

As in, I'm not going to bother telling you how I came up with this number, but it looks nice and fat so that you'll be suckered into buying it then wonder why you don't make any money.If you can find a wholesaler who has legit comps that will land you at 80% ARV after you're done working, you've found a gold mine....be prepared to fight with other investors.

@Zachary Sharpell all my research seems to point you just need to get as close to break even with rental income as you can in hot markets.