I think I'm in a pretty unique situation and am trying to figure out the right hoops to jump through to move forward.Long story short, I'm trying to tap into the equity of the rental property passed down from my grandparents that is held in an S-corp which is co-owned by myself, my siblings, our cousins, and an idiot uncle.

If you think you can manage a mortgage, taxes, insurance and the upkeep of a home while paying your student loans then buying is not  bad idea but if you think you will overstretch yourself renting is nto bad either.

You want an investment that pays for itself, including mortgage, taxes, insurance, maintenance, and even some money set aside for a reserve to cover vacancies and capital expenditures.

Quote from @Peter Walther: I think you'll find most, if not all title insurers, will require the DIL to be dated and executed subsequent to default in order to insure. 

If your tenant starts a kitchen fire and the insurance provider finds out it was a rental, they will deny your claim.Landlord insurance still covers the property, but won't cover your personal belongings since you live elsewhere.

Especially CA folks who are so in tuned to RE and owning RE as you know look at all the CA investors that flock to the mid west and rust belt to buy rentals.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

for fix and rental projects or for fix and flips?

So I bought a cheap single-family rental in a C location.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).