I'm self-employed with no employees and my business will net about $100K this year.  

Quick question before I give advice -- based on the cost numbers ($28K purchase, $50K rehab, additional $15-20K rehab, plus any purchase/holding/selling costs), it appears that there's a good chance you're going to break even or lose money on this deal.Are you prepared to do that? 

Additionally, I will be attending the Ocean County Sheriff Sale this coming Tuesday to observe (we have two private lenders who are interested in working with us).Thank you in advanced for any assistance you all can provide!

@Jason Bradstreet Please provide additional details about the type of property you are seeking.

I am not self-employed (earned income), but some say I could be easily (EBay, MLM, etc.).3.

A lot of student rentals even here in an extremely tight market are offering concessions like free month (or $250 off), free wi-fi, free tv or whatever at this late stage in the season.Advertise in the school common area, near mailboxes or whatever in addition to the standard ways.This certainly doesn't happen to everyone so I hope it hasn't discouraged you from investing @Jem Jacala!

I work full time making ok money (80k year), which i want to stay employed.

I would like to take equity out and use it to invest in additional property.

Essentially, my seller is willing to do some owner financing in addition to the FHA loan.

There has been additional schools and plants built here, we have 4 seasons, and for the most part our weather is not extreme.