Here is a super cool answer I got back via IG - rentalstowealth you might recognise the name from the most recent new podcast on Bigger Pockets!

There will always be good deals - the skill is in not only having the confidence to know and to trust that, but also to recognise the deal that is good for you and then to be able to go after it not have someone else's great deal go after you.I hope that helps, sorry to quote Epictetus at you I got a bit carried away but those Greeks knew a thing or two :)

This will give you a feel for market price and then you will recognise a deal much more quickly. 

@Chad Burkett Hi Chad,Good for you.It's tough to get started, I work with new investors a lot and you really need a basic set of skills to be able to analyse a deal.It sounds like you want to know how to recognise a good deal when you see it so in (very) brief I would recommend you do the following as a minimum;1.

As a investor you must recognise a rental property has two separate income generating streams.

I havent spoken to my mortgage broker for a few years due to living overseas and being busy.Thats something i ll be doing next week.On the other hand im living in north cyprus which is a divided island with beautiful beachs and mountains amazing climate but is not recognised.

You do recognise you are operating a business and supplementing a tenants rent is not a realistic approach to business.

Student rentals have existed for many decades, are well established and fully recognised and supported by the legislation.

Do not live as a leach, recognise their contribution.

Overall, it looks like you are answering your own question throughout your post ie. you recognise that it appears to be quite a gamble, not REALLY what you want!