For me I want to see decent activity in the area (look for dumpsters and some freshly rehabbed houses) so that I'm not the first one in. 

I figured :Updating / restraining floors, appliances , fresh paint , installling recessed lighting, and possibly washer dryer hookup in each apartment. 

I’m a freshly turned 17 year old looking to get into real estate during college or now if possible.

I was working a architecture / construction job fresh out of college and trying to figure out how to make some positive cash.Your biggest asset (assuming you don’t have piles of cash in your room) will likely be your construction experience.

You also need to know currency of rents (seller owns any past due, you start fresh).  

The other option is they notify you they intend to move out and you can start fresh with a new renter.Tip: I recommend giving them written notice with a deadline. 15 days should be plenty of time for them to think about it and decide.

Purchase price: $125,000 Cash invested: $45,000 Sale price: $125,000 Fresh out of university, my buddy and I bought a condo in Pensacola, FL in 2005 What made you interested in investing in this type of deal?

Is it relatively the same as a conventional purchase as far as being able to get an inspection and back out if things are revealed that werent necessarily disclosed?

On my end - I've heard that some of the easiest (and potentially cheapest) tricks could be:- applying a fresh coat of paint on the exterior / interior living room spaces of the home- refurnishing doors / door knobs - updating the lighting of bathrooms or kitchen area light fixtures- bathroom refurbishment- curb appeal / clearing out excess weeds/trees/shrubbery.I've also heard of situations where the home owner would either offer to build, or provide a backyard shed for the tenant as additional storage space, charging an extra $100-$150 per month if the tenant wanted to use it. 

As you mentioned you are fresh out of school with limited savings but as an owner occupied rental property owner you can qualify for lower down payment requirements (somewhere between 3.50% - 5%) and the Bank will take into account the anticipated rental income as part of your income so you will most likely be able to afford more than you think.