Most cities will require a permit or some proven homeowner knowledge to do anything mechanical (HVAC, electrical, plumbing, roofing replacement, etc.).

The general rule of thumb is your looking at paying a 15-20% premium, that means 115-120% market rents, AND I find it best to add-on that for all non-mechanical/structural maintenance items that the tenant-host will coordinate and cover all of those, this answers the issue of what if guests damage things etc.. 

@Zain Butt a Bachelor of Science in Business, depending on the specific emphasis(mine was Marketing), exposed me to valuable fundamental knowledge about economics, finance, management, marketing, communication, technology, statistical analysis and consumer behavior.All good things to know for the RE game, and as long as your parents are financially capable and you are not going into extensive(or any) debt in order to acquire the knowledge, it will serve you well.Also, like others have posted, the degree is not the be all end all, and many successful RE investors are without a college degree...but for some RE related fields that are great compliment to your future plans, it is essential...FYI, most commercial loan broker, commercial bankers, commercial RE brokers, lawyers and accountants. that I work with, all have undergraduate degrees, at least. 

Things like info about utilities, pests, environmental info, structural components, mechanical systems, etc.There is a question in our SPDS that asks the seller "What other material (imporant) information are you aware of concerning the Property that might affect the buyer's decision-making process, the value of the Property, or its use?

I got a bachelors degree in entrepreneurship with an emphasis in real estate from Wichita State back in 2008.  

I would recommend placing less emphasis on specific cities and rather invest in markets you know.  

Not sure how much you understand so this might be extra but you dont need to be a contractor however you DO need to understand a few basics of  physical property 101  helps  in knowing who to hire and also what to look for in terms of damage or issues-  a house can be divided in three parts... the bones/structure, the guts/mechanical (behind the wall stuff that you see during the "rough-in phase" of construction),and the face or skin/cosmetic aspects (stuff in front of the wall - cabinets, paint, light fixtures, faucet fixtures, flooring etc). 

I added the emphasis in the bolded sentence.

I just picked up "What Every Real Estate Investor Needs to Know About Cash Flow" and am excited to grasp a better understanding of the financial mechanics of real estate.I plan on spending the next couple months educating myself so I can truly understand the basics and process.

Does the process of separating the building from 1 mechanical service system (heat, hw, elec, etc.) to two separate metered units add value to this building?