It's worth searching for it.The guest on that episode said that he rented his units out by the bedroom, which dramatically increased revenue.He also said that he got personal guarantees from every student and their parents. 

I would take a close look and make sure that you are very confident the market is dramatically improving before investing.

The first year was slow (3 houses closed) but the second year things dramatically picked up (35 houses closed).

Hey @Jason Stubblefield my suggestion to you would be to look at higher prices properties. 50k is the low end of things and your experience will be dramatically different if you can get into the better areas.

The fact that the property may NOT be stabilized does NOT dramatically impact what you need for the R&M budget.

Tenant/potential buyer figures out at some point that they (a) can't buy the house or (b) doesn't want to pay dramatically over market for it and then realizes that they will be out their deposit if they back out.

My question is this: Have any of you seasoned vets experienced dramatic (10% or more) or long term (2 years plus) drops in rent prices?

If you put yourself in the seller's shoes, they just picked an asking price without really knowing what the market will do... they're a bit clueless too.When making a dramatically lower offer, I usually do the following:Call the seller or agent and ask some questions about the property.  

In Kansas City, the single family home prices dropped 20% in 2008 in many areas and the inventory and day on market increased dramatically.

That can have a dramatic increase in property values.