I am a current university student with about a year and a half left, who has been interested in finance and real estate for a long time!

As Vince said it is a quick guideline and won't work in most places with current interest rates and house prices. 

- The property is probably NOT as profitable as you think it is.More reality for you - how are you going to cashflow enough from leveraged rentals to replace your current income?

You will need to justify the sale price of those assets to the new owner at their then current value on your books.It is a big hassle to do this, but it can make you a lot of money if you do it right and are careful in your record keeping.

Interest income is interest income, unless you decided to roll some of the current cash into a self directed IRA at which point your interest income would be deferred for a later time and allow your funds to grow tax free.

It's an estimated cash on cash return given current rental rates subtract expenses assuming 7% interest rate, 10% management fee, 5% repairs, 5% capex and other expenses like mortgage, insurance, tax. it's a estimate to tell you what properties to analyze vs ignoreyou can see the are pockets of negative returns as well as pockets of positive return. this is to supplement the data @Devin Conley provided

Quote from @Robert Phillips: Hello, I am currently a Senior in College and I am pursuing my Ohio Realtors license.

I'm curious to know how you guys go about advertising room rentals. my current tenant who rented out the whole room will be leaving and I think the next best step is to do room rentals.

90% LTV on a HELOC or Refi is not realistic on an investment property with our current market climate.

My current lawyer has been a little hard to reach out. could you please let me know about how much is the cost?