. -  In my market they just issue the permit.

It works out greatLong term low impact tenant at higher then market rates.  

Or wait and scan the market for a multi family I can afford?

Typically, the closer to the school the better, but markets vary.

Anybody can market a set of trust documents on the internet. 

Hi All,Getting started in LA and looking for folks with experience flipping in the LA market.

(Or I missed it, answer is the same either way.)Please make sure you know the security deposit laws/regulations for your market inside out.

Cant speak for the other markets but here in College Station, you can get low-interest-rate loans even as an investor through the builder's preferred lender! 

Check out other online guides available here: https://www.biggerpockets.com/guides3.

The problem is, the inexperienced operator hasn't perfected the ability to buy off market properties at the purchase price that makes sense, so they often over-pay and then encounter less lending options as a result.