@Ryan A Shumaker  All the packages mentioned above are good options if you are doing just a deal or two but if you plan to do multiple deals over the next few years, you may want to look at customizable funds provided by Avestor that combine the best attributes of funds and individual syndication deals. 

I didnt even mention land costs , and the cost of the construction itself , and commissions . 

@Jacob SwihartYour insurance will go up as Gustavo mentioned since it would be a rental income property.

The problem of course is that they always fail to mention the fee structure that is hidden on page 157 of the 200 page insurance policy handbook that they give you that describes how the policy operates.  

As mentioned, I flipped 500 or so :) We were buying them for all in 20- 35k, 7, 8 9 years ago.

Create your own new LLC, then have him transfer the property to it and have the seller-financed mortgage mention your new LLC as the owner would be my suggested starting point.

Not to mention the possibility of finding a new location to invest in that may have a higher growth rate since I think the current location has plateaued and might have reached it's peak in value at least for the near future.

I think personal circumstances are ready, and I just need to learn and get the local knowledge you mention.

Those major cities that you mentioned are fantastic options and have TONS of potential tenants/students, but their barrier of entry is much higher than traditional "college towns" like Lubbock or College Station.

You mentioned Georgia, SC, NC, OH, and TN—these are great markets too, and I’ve seen investors do really well there.