For college rentals in Norman, OKC, or Edmond I factor in 8-10% vacancy as a standard, but that can be lowered using some tactics. 

Where I am worried about is having a high minimum monthly payment after I, lets say, purchase a $100,000 SFH all cash.Let me give some more data:Draw period = 5 years; where at the end I can either re-apply to extend the credit, or enter repayment period of 15 yearsInterest (as of today) = 5.75%Min monthly charge factor = 1.0748% of unpaid balanceSo with the example of $100,000 SFH purchase, at month #1 my payment would be $1,074.80.

Notes sound like a good idea as well but I have not got the time to dive very deep into learning about them yet.Here is some of the things I have done in the past month.I have read the books Rich Dad Poor Dad, Cash Flow Quadrant, Think and Grow Rich, Rich Dads Guide to Investing, Face the Fear Factor by Jack Miller, Flip Deals by Jackie Lange, and 5 Best Ways to Make Money with Real Estate.

That said, for an all-cash transaction you can negotiate down to $750 or $500. don't forget to factor in all of the other possible fees, depending on who is paying for what in your contract:Title insuranceTitle search feeSeller document preparationGovernment recording chargesTransfer taxesElectronic record fee

So I had a little comfort factor with "boots on the ground" with someone who knew the area really well.Best wishes to you, and welcome!

@Fan Bi, I guess not :)  But don't worry, the location of your QI is not a factor that should prohibit you from completing a 1031 exchange. 

I've found the biggest factor is proper pricing.

There are a lot of factors involved in this decision and ultimately you have to decide what is best for you.

Like I said, this would be my first REI and I really don't want to make a big mistake on a deal, but based on the numbers I've come up with, this property would cash flow about $500 initially while the loans are being paid back, but should generate in the area of $1800 once the loans have been repaid.At this point, I would be willing to take on any positive income, but I'm sure there are factors that play into this that I know nothing about.

Your CapEx depends on many factors such as age of the building, location, recent upgrades, etc.