I think I've decided not to go with it, the inventory in the area is too picked over for a multi family house and I don't care if I live in it or not.

That is the first thing I look at and no matter what the price, I don't pick a bad location.- Next major item is structural which can have significant cost to repair.

Pick up and 15-18 hours a week and that is almost an extra grand a month! 

I would also recommend driving the area at night as what can seem like a not so bad street transforms after dark as the partying picks up and the students get  routey.  

NOT true was true prior to 08 in a limited fashion but we learned the hard way that asset lending only is far to risky.2. you need some money... granted I do no money down deals but those ware with my trusted clients of a decade or more with lots of water under our bridge or as forementioned I pick one or two beginners and I groom them.. and I pick them for specific reasons.3. credit and income  Most HML want to see this.. if you don't have massive experience.4. anyone advertising rates under what @Jason Hirko mention is probably out to get due diligence money from you and won't fund.5.

You picked a good town I think but it is not because I have a couple of friends down there!  

The first two properties I highlighted were cherry-picked to illustrate some typical but pretty negative aspects of the current market.

I have also heard that all the deals on Loopnet are picked over/left overs etc.  

I'll definitely pick your brain when the time comes.  

Before you know it, you'll be picking up speed!