If you're trying to make a minimal down payment it's not likely you'll see positive cash flow but the rental income will offset some of your living expenses.

Minimize all living expenses.  

Given that there have already been a few surprises with this property and I'm not sure how confident I can be at this point that the deal will progress to closing, what's the best way to minimize both mine and the Seller's out of pocket exposure in the event the deal falls through quickly?

I have closed on a few properties a long time ago and it really wasn't that difficult from what I recall and I had zero experience at the time and zero issues as well.However, now I would suggest calling a local real estate attorney and ask about their services to write the contract and perform the closing for you.It could save you some big money with the realtor commission and besides you are getting valid legal advice and minimizing your legal risks .

-student loans are a racket. if you can afford to go with minimal debt then it may be a good investment for you. if you have to take out a lot of loans i would suggest get a degree in something that translates into a good job, something like accounting, hard sciences, that way you will have a good shot of being able to pay off said loans soon after graduationConsidering your position with your mentor.

Then use that as a guideline instead.All too often beginning investors try to impose an unrealistic criteria for a given market, when achieving that criteria is impossible for that area because it doesn't exist.I get investors who say "I want $1,000/mo cashflow with minimal down in a B class area" -- and for the most part that doesn't exist.

Normally, non-US based investors will purchase turn key properties or invest as a limited partner/passive investor in a syndication since it is the easiest to do, the system is in place already and the investor has minimal to no responsibilities.If you are interested in turn key properties, do you know of any investors personally that have invested in them?

Engaging a property manager would not remove an owner from all liability, certainly, but it absolutely could minimize liability from the kinds of lawsuits tenants frequently file.Scenario A: Let's say I, as property owner, self-manage my rental and end up violating Fair Housing laws.

If I can find these, and the easiest way is to look for a zero or minimal transaction consideration, I try to remove them from the results. 

@Tyler Hazlett I do plan on occupying one of the units for the minimal amount of time, yes