@Joel Owens  Yes I know that's obviously the next step,  I think what I want advice about is what you think of the deal in general? 

Find people who have done what you are looking to do and follow in their foot steps.

If they leave windows open or back entrances unlocked, thermostats turned way up when testing the heat, Fridges/freezers not closed all the way, Bring in 4 kids who are running around and knocking holes in walls and tripping down steps (that they later blame on a piece of pulled up carpet) it all falls on your dime. 

this goes for most that buy courthouse step property.. no different.. 

A follow up question is, how much is expected in reserves using this method?

HELLO EVERYBODY IM AT A STAND STILL HOPING SOMEBODY CAN GIVE ME SOME ADVICE ,CANT SEEM TO FIND THE RIGHT ANSWERS ANYWHERE.IM A BEGINNER AT REALESTATE INVESTING AND PLAN TO MOVE FORWARD SOON WITH PURCHASING PROPERTIES ...

Add HVAC to the repair list.If the house is brick, look for step cracks as signs of settling issues.

Pre-Payment Penalty: If they have one, is it a flat penalty or does it have step down component like 6% of loan amount if paid off in year 1 / 5% if paid of in year 2 / 4% if paid off in year 3 / 3% if paid off in year 4 or is there a loan yield maintenance fee if paid off earlyUse of Funds: What are the funds being used for?

I'm assuminh that if I do the latter, then I'd also use my personal account for repairs, maintenance & improvements to my unit as well.Is there some other method?

I graduate college in one month and am currently looking at what the next step should be.