Lessons that we've learned from this is that we should have talked down the price a bit more due to the work that needed to be put into it (and the previous owners were going through a nasty divorce so they were desparate to sell ASAP), and we probably could have rented for a bit more because we found a tenant in less than 3 weeks even though it was over Christmas/New Years.

@Carol BirnbergWhy not do both?

He’s going to be asking 12 dollars a sq ft lower than market avg in our area but, there is hardly no storage for seasonal decorations, (Christmas tree, fall decorations, etc) no garage, no fence for yard, and no place to store our dogs.

Or the ones that sued Adam carols saying they invented broadcasting a radio like show over the Internet.

In addition to what @Brian Eastman mentioned, your mother would have gift tax exposure on the paydown of your primary residence mortgage if she's not on the deed, even if she co-signed.You on the other hand, would have mother-in-law exposure during Thanksgiving and Christmas dinners.

Part of the reason this is so complicated is because my agent went on Christmas vacation to another country during this process and I couldn’t get a hold of her.

I also know that at some schools where is very competitive for student housing, they do it in the prior Fall, before Christmas break. 

Welcome aboard @Carol Ray!

Thank you & Merry Christmas!!

@Carol A RayWelcome to Bigger Pockets.