In response to your question about a purchase with an initial cap of ~5% equating to a great long term investment - equity growth potential is certainly part of it, but I’d argue that the propensity for consistently increasing rental rates and the stability of the overall rental market are an even bigger piece of that puzzle.I can’t really give you a definitive opinion on your specific situation without knowing more about the current make-up of your portfolio or your goals for passive income.With that said,  there are absolutely  methods to reposition equity in high growth potential properties to more income-centric opportunities within our market. 

I have found uncomfortable to be much more lucrative Pick a listFSBOTax Delinquent NOD ProbateNOOEtc...Pick a method to find themOnlineDrive for dollarsDoor knocking Listsource Referral PPCEtc...Get in touchDirect mail(100s of different type)Email Cold call Door knocking Etc...Best of luck!

Any thoughts and advice on using this method would be great!

Saving money is the easiest method to get started on your own.Money makes money.

Since I will be attending graduate school upon acquiring this first deal, I'm looking to find more of a turnkey property to both have experience with a first deal and also to utilize a creative method of paying for rent during school, I just won't have the time that I'd like to do hefty renovations.Any and all suggestions would help!

In general, buying using the method you are talking, will yield the least amount of cash flow per month and the lowest returns (other than cash).

You might want to double check on the quit claim deed transfer method - usually is not transferring the title insurance.

That is the other issue, I can doing the refinance to get the cash out of the property to buy another - BRRR method. 

I think the risk is much lower imo since you have a secondary method to screen (S8 office) and guaranteed payments, but that part is certainly debatable.

Either way, the best method to analyze what is driving the loss to lease numbers is by looking at recently leased up units.