Paying 50% under asking for an overpriced property is no more or less of a deal than paying 100% over asking for an underpriced property.

Just recently I had a applicant offer 6 months of prepaid rent, when I went through my standard motions and questions they had lies on there application and with that information was a high likely that there would be no more rent coming in.

.* Option term should be no more than 5 yrs max. 

And you'd only get that maximum IF you paid no more than 70% of what your Lender appraises it at.If the deal you did was so good that it should justify a Lender loaning you MORE than what you paid for it - you'll have to wait for their (6 or 12 month) seasoning period before they'll re-appraise.My 2c.

There is no more information I can provide at this time. 

It will last a lot longer and if you drill down the extra 20 ft you should have no more well problems. 

You said no more than 4 unrelated students?

I have found to be safe your total all-in costs (purchase price, Rehab cost, Closing and Holding costs) should be no more than 70% of your ARV.  

Additionally, I would likely be investing out of state so I'm sure if being licensed in NY would be as helpful to me.My question is: Do you have any suggestions of other career paths I can pursue (that will give me knowledge/experience that can be translated to real estate investing) with little to no more schooling necessary?

If they left the sink running full bore for 2 hours , it would be no more than 5 gallons per minute .