I continue to work and earn to cover my costs and save some. 

I have seen multiple properties with low asking prices and sufficient rental income to cover the note.

For myself, I would find a nice house hack maybe in Ohio, that seems to be all the rage right now, and have most of my expenses covered (your not paying it totally by yourself and can still save money that way). 

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

No rehab needed is great, sure, but with only 120k to cover everything, we're limited and I'm assuming our budget would only find us cheaper deals that need work/rehab. 

Did we need that housing expense covered to build a business?

For commercial sized apartments, the asset and the income coming from that asset are the real security behind the loan.If you are syndicating a deal, inspections are included in costs covered by partnership.  

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620, many blemishes, but should have no evictions in last 2 years.

You don't want to get yourself in a situation where you have to cover part of the monthly mortgage every month otherwise how will you get to travel and live the investor life right? 

You can also require a paren on the lease for any student as a back up to cover damage outside the first. last and security.