@Link McGinnis - My plan is to fix it up gradually over the next couple years and rent out the entire place.

A good mentor is worth their weight in gold, at least mine was.

I recommend starting in residential than gradually go into commercial.

I can do this either by house-hacking the place in 2 years' time (it's a house + large outbuilding) or structuring a gradual buy-out as I acquire the capital.

student loan debt is highest weighted hit when trying to get a loanif money is no object to you, get a house in west u and youll prob preserve your capital

Again, I'm a beginner, so i know my words don't hold a whole lot of weight but I have heard more savvy investors talk about the importance of knowing how to call an audible and adapt to situations and so on, so... well done!

It takes the weight off your shoulders of pretending to be the actual end buyer.

I plan to gradually fix up the units and then raise the rent progressively until we reach market level which is around $425 for 2bd/1bth a month and $500 for 3bd/1bth.

Yes it is likely too good to be true and unlicensed in this case is basically paying a random person $5 for his or her opinion that is no better than yours, it will not hold any weight with anyone.  

If you have the W-2 income to lean on early for qualification, it will help you build the portfolio to the point that you can gradually transition into full-time REI without hurting your financing.