You should manage yourself or ask for a 2% discount.

If you purchase a property in the Midwest for $30k at a "20 cap", and you get lucky that CapEx doesn't kill you, and lets assume that you earn $500/month of true cash flow even after 10 years of holding (this would probably never happen, but I am giving your statement every possible benefit of the doubt).Or, you purchased a $500k property in Northern California at a "3.5 cap", this was bought at a true market cap -- no discount.

The property does need a bit of work, and think I can get it at a discount from the motivated seller.

If you go to a Home Depot they have a Contractor Relations desk - You can ask the manager for a 10% discount on a large purchase - I've done this a couple of times and had success!

There are a few funds that invest in notes, which offers good downside protection due to the discount the fund is able to buy the note at relative to the properties value.

@Miles StanleyI agree with @Brent Coombs the idea of BRRRR is to get most of your Cash back to start a new purchase.The goal in BRRRR is to purchase distressed properties at a discount, force appreciation (rehab) and use as little of your own cash in the process. 

Look for properties that are distressed and need work, if you buy at a discount and fix it up you should be able to cashflow just fine!

(I was thinking about a payment to the student, opposed to a discount on the rent.

BiggerPockets Pro members receive a discount on each screening and you have the option of paying for the service or you can have the applicant pay.

The seller is motivated and doesn't want to list with a Realtor but also isn't willing to sell at at a 30% discount because they know the house doesn't need any real work and is essentially already move-in ready.