They focused more time on making sure tenants were happy than to be my representation (afterall, I paid them 12% of my monthly rent). 

ok.....so my buyers closing attorney did not figure this out as he didn't even know the bill existed......the may 15th tax bill covered March , April , May and June...so part is in arrears and part in advance

The condo fees cover the big ticket exterior items, so I view them as forced capex savings.

Assuming $5k for minor repairs, and that you'll need to cover her $2k closing costs, that means your all-in cost would be $107K - $112K for a house with an ARV of $120K. 

I do see the value in being able to use FHA financing to acquire and potentially fix cover your rehab costs but based on the necessary repairs I would ask for either a significant reduction, the current owner to complete all major repairs, or just move on. 

If you were to take 25% of monthly rent to cover these expenses your cash flow would be as follows.$925x0.25=$231.25$925-$660-$231.25=$33.75 in cashflowTake a look at these additional expenses in your area and what you need to pull out as reserves for future expenses.

Just a quick thought, you might be able to do a house hack near your school which could cover your housing cost and make college a little cheaper. 

And you might get a little bit of education on how to fill out a representation agreement and how the licensing laws effect you.But you won't learn anything about how to market or prospect for leads, negotiation, sales, or how to run a business.

However, my area (high cost-of-living) could make breaking even or positive cash flow difficult.The main question: is house hacking worth it or a "good deal" if cash flow from the rented units doesn't fully cover all expenses but you're significantly reducing living costs?

I will also have another $2600 in pre-paids that cover the mortgage for 6 months and 7k in closing costs.