I turn this off because I do not like getting random phone calls about my listings.

I have zero experience in this as I try to make money, not give it away to random people.

The numbers I'll provide are just an example of a random heat pump, and the actual performance can vary slightly depending on the manufacturer, design, and the components they are combined with.

Ex (random numbers pulled out of thin air)$100k purchase $160k ARV$30k reno but $20k at cost$15k holding costsTotal Cost:$145k cost or $135k with contractorWith the contractor at cost, I have an extra $10k of margin where I don't lose money, but obviously not ideal for the contractor since they would make less.I think a good way to price it would be the equity would equal your profit if you did a fee construction at slightly below the projected ARV, and slightly below the projected hold time.

then when you graduate, house hack again.there's no point in buying a random rental thousands of miles away instead of house hacking. 

I make solid income, but if it all goes out randomly I don’t want to be in a pickle for bills.I’m working on sorting how much I need to have in reserve savings and then how much a month is viable to put towards a property.Quote from @Chris Seveney: @Ben StanleyI would assume you get zero revenue from anyone else and be able to afford the home yourself by getting qualified at a local lenderIf you are solely relying on someone else as well without a reserve your level of risk just increased significantly  

, or does it LOOK like an office that he's only in for 5 hours a week (few personal items, just a place he pops into 1-2 days a week, in this case the keyboard being dusty might be a good thing... empty trash can, no random papers floating around...)? 

One day while driving he randomly saw a 'for sale' sign on a home.

I agree a random/generic MLS search doesn't help most investors. 

But any random dude off the street can call themselves a property manager in Maryland.I self manage my properties in other parts of Maryland.