Do you homework and due diligence.

The condos might rent @ $1600-1800 in good condition for the area they are in, but I would expect a high vacancy rate.Do the math.

Let us say that all of your math from part 1, says a deal at $70k is 2% (based on the mini-equation), meaning $1400 in rents divided by $70k is 2%.

I am not someone who just wants to make a quick buck, I understand the work that is required for such investment plans and I also have done my homework and essentially know everything that needs to be done in the process of buying a home in foreclosure.All I need to know now is how likely will it be that a lender allows me to assume a loan as a 19 year old college student that has "normal" credit (I just have one credit card, on which I've always made timely payments), and if that is impossible, if there is any way that I can have my dad assume the loan while I do all the "work" to buy the property and re-sell it.

I don't yet know how to evaluate a property and its income potential (beyond comparing to other similar units in the neighborhood), how to estimate rehab costs, figure management costs, etc.I admit have much learning to do, but the exercise you suggest may be the homework I need to immerse myself in the process. 

It seems like you have done your homework on what the operating expenses can be, which is a great thing.

Say, I have a 2-bdrm unit presently renting for $700/month {a long term tenant of 15 years} and market rent is $850 {just to make the math easy}.

So with my math, yes, I would prefer the (4) 50k houses over the (2) 100k houses, because the (2) 100k house don't meet my minimum.

I feel whether the company or individual is legit or a fraud, everyone should do your homework before purchasing any program from these people.

I personally never let someone else do MY homework.