You could eliminate the school part but still need a solid high paying job to support investing.

Essentially you need to run some numbers to see how much equity will be in the property after purchase, what your cash flow from the property will support, etc.I'd do a search of the BP site on "Creative Financing" and see what others have done.

Do I go with the 2% rule on rents I hear all over BP or the 0.8% rule on rents from The Millionaire Real Estate Investor by Gary Keller?  

I started with Wells Fargo as they are my primary bank and I have a good relationship with them.Is there a general rule of thumb for interest rate offered by banks, big or small?

It is important to see things on the ground, get at least some basic on the ground knowledge of their rehab work, the systems in place, the neighborhoods they are operating in, the staff support, etc.  

Do these number Monthly Gross Rents $ 4200Monthly Expenses  Vacancy       $ 336 (8%);  (including here since 50% rule includes vacancy as part of expense)  Prop Mgmt   $420 (10% of gross rents)  Insurance     $208 ($2500 yearly; quoted by insurance agent)  Prop Taxes   $680 (2.9%/year of assessed value; actuals; eats up 15% of gross rents)  HOA fees      $330   Maint Reserves:   $420 (10% of gross rents)  Maint/Repairs       $84 (5% of gross rents)Total Expenses : $2478 (59% of gross rents)  NOI:   $1722  Mortgage: $1215 (25% down @ 5% interest)Approx Cash Flow: $507/month (about $125/unit)Cash-on-Cash: 7.2% (Assumes 25% down + 3% closing costs as initial cash requirement)Thanks,Jacob  

@John McAuleySpecifically, the transaction you mentioned would be in violation of the following prohibited transaction rule."

People can throw in statistics all day long to support their point of view.

Whether you want to spend thousands or just 50 bucks as mentioned there are online options ( least money), in person consultation ( more money), or ongoing support (most money).Sounds like you want someone on here to answer legal advice about processes and remedies relative to the eviction of a tenant who you say has already defaulted on the lease.

My end goal is I want to rule the freaking world if I can.