I would search for a property that has a low interest rate Fha or VA loan.

Consider starting with a few lower-cost flips with a smaller loan-to-value ratio to reduce financial strain.Market Research: Sacramento can be volatile, so I’d recommend keeping a pulse on local trends—particularly in the neighborhoods that have potential for growth but haven’t quite hit their peak yet.

I am also wondering about if students make good tenants? 

I am using a conventional FHA loan to acquire the property.

Like I see how it could work in a perfect world but i cant wrap my head around the idea that I could be making a profit if I still don't actually own the house and still have to pay down all of the loans.

I would talk to some lenders  getting land loans and development loans with no experience is next to impossible starting out.. 

"A second question is if I finance the car purchase can I also deduct the business use portion of the interest charged on the loan?"

There you will be asked your criteria and then after answering a few questions you will be matched with 3-5 agents or loan officers in your area.

Especially those big deals with loads of equity and loans, they can take forever to close.