To get into a property cheap enough to be able to exit with a healthy profit you will need market exposure and connections that can really only be achieved by someone in the game full time.

Also, if done correctly and strategically, buying at a discount, rehabbing, renting, refinancing, and repeating, would allow me to build a healthy portfolio, generate a little cash flow, build equity over time, maybe 1031 exchange (defer taxes) some of the smaller properties for a larger multifamily property that cash flows more, and builds more long term equity. 

My long term goal is to make RE a healthy part of my portfolio and become financial independent early so I can practice medicine because I love to do it and not because I need to pay the bills.

If the student has a lot of money and a very healthy balance sheet and banking contacts that is as importnant if not more so than knowing the difference between a header and a joist or in what order you build the house in :)

If I bought this at a healthy discount, I might drop accruals at some point (without hitting on any debt forgiveness), might consider other concessions, paying refinance expenses, etc.

So, we have the most basic plan available, and pay $1,700 per month for a family of 4 healthy individuals.

She's 76 in failing health. I

Beyond that, our goals are (in ascending order of ambition):* Achieving some kind of reasonable cash flow (10% or higher CoC)* Growing our assets at a healthy clip* Being able to buy a primary residence in a good school district here* Paying for our daughter's college in 8 years* Achieving financial independenceWe're closing on our first property--a SFR down in the Atlanta metro area--in about 3 weeks.

And if you plan to keep your property for 7 to 10 years you are almost guaranteed a healthy return.

You kept you end of the bargain with a well maintained, safe, and healthy rental, they need to pay on time.