The only problem is that my parents aren't paying a cent for my schooling and make too much for me to get financial aid.

@Chris MitkovskiDepending on what area you are in and the prices of homes in your area you could use your savings to get into a low priced home and then use your paycheck to fund a do it yourself rehab.This will work if your parents are willing to support you during this process. 

When they inherited it the property was occupied by a tenant his parents put in place.  

All,Long term follower of BP and gearing up to get my feet wet with my first rental property.Equity will most likely come from my parents and I (not a proportionate split).

You don't screen students, you have parent co-sign and screen the parents.3 - what facilities in the apartment are most important for students?

I have parents invested in properties in Lowell, MA. 

My parents have real estate invested in MA so I have been very devoted to learning about about real estate from BP.

The situation is that we moved in to take care of my elderly parents several years ago and ended up adding onto their house so we could live there.

I just wanted to move out of my parents and buy a house.

After years of collecting the monthly checks, my parents sold the rights of the tower to a third party for a good chunk of change.