We were wondering if it would be best for him to get the degree or to drop out and focus on making money and getting experience in real estate instead (or try and do both)? 

just trying to figure out how this thing really works.PS Dave.

This is something I try to live by and teach my kids if I can - "A human being should be able to change a diaper, plan an invasion, butcher a hog, conn a ship, design a building, write a sonnet, balance accounts, build a wall, set a bone, comfort the dying, take orders, give orders, cooperate, act alone, solve equations, analyze a new problem, pitch manure, program a computer, cook a tasty meal, fight efficiently, die gallantly.

So instead of waiting for the problem to compound until the lease is over, the plan is to replace the carpet immediately rather than try to muck with cat urine and get it 80% clean with various other solutions.

tried real estate investing many years ago, before the internet era.

It is also very risky and has a lot of potholes that you can find in your first try. 

If you are trying to get a cash out refi, I would think the bank would want to see the correct type of insurance for the business you are running.

Otherwise, I'll try and do the research myself.

Seller financing: Note for $1,350,000.00  - 7% amortized over 30 years with balloon payment after 7 years, interest only. ( I am trying to get the first year at 6% to stabilize then go to 7% remaining 6 years)Property Condition: Above average.

I’m trying to decide whether to rent out my current home or the new property I purchase.