IF there are down payments or rehab costs then create a separate pivot table to recoup your initial costs within 5 years and provide yourself a reasonable interest amount while paying yourself back.

My initial plan was to buy a pretty cheap terraced or maybe a semi detached if affordable near a university, with 4-5 bed-rooms and have one room for my self and rent the others out to university students.

But when you explain your return to people, do you still calculate it based on your initial investment even though you've made all the money back?  

He could pull it off with minimal initial cash, and be able to learn a lot along the way.

I've had a few people mention that this is a lot of work at least initially, but it seems like the next logical step.

@Ryan Moore the terms of management contracts vary from one company to another, but it is common for them to be for an initial fixed-term and then either automatically renew for another fixed term or simply revert to month-to-month.The contracts terminate immediately upon sale of the property so you would either want to sign a contract with the existing or a new management company prior to closing, or be prepared to take over management yourself on closing day.

During this initial learning period of 8 years after 1973, as I accumulated more knowledge and skills, besides “hands-on” experience I also worked sales, cost estimating and as an assistant superintendent overseeing multiple jobs.After graduating from Michigan Technical Institute with a diploma as a legal secretary (although I intend to become a medical transcriptionist and medical records specialist).

i send 1, maybe 2 letters. after the initial  letter, i'm doing more research (assuming i really want the house and its worth my time) to track down the owner if it's vacant.  

So I've come across 3 properties for sale, (8 units total + 3 bay garage), seller is willing for seller financing, and all communications are going through a third party who has agreed with me when I told him I believe the seller has an unrealistic view of what his properties are worth.I was initially only interested in the first two properties because that are on the same lot and need to be sold together.

Make the rules in advance, enforce them consistently and fairly, and remember that the tenant's job is to manage your investment, not act like a defiant child.Your initial objective is to make it clear to tenants that you are running your operation as a business, there is a new sheriff in town, what was in the past was between tenant and former owner.Existing tenants should be given an opportunity to reapply or given plenty of notice that you are terminating but must okay established monthly rent, on time, until that date to vacate.