So that is how we got rolling in the early years.I do suggest that method, as we benefit from debt pay down, appreciation, inflation and the renovations that we do.  

The PSA gets signed, You are given any documentation that is needed (seller's disclosures, rent rolls, t-12, bank records, sched C's etc, inspection is done, any re-trading due to BIG discrepancies in what your D&D found and what the seller declared to you, wait for title to be done and the financing to be complete sign the closing paperwork and get the keys. 

We plan on moving out of the property in 1-2 years, and without us living in the property, we would be adding another ~$700 to the rent roll as well as property management fees.We're thinking this looks like a good deal from where we currently stand, especially if we can purchase the property for less than the asking price, but we'd very much like to run this by our more experienced peers and make sure we're on the right track before we jump into our first investment property.Feel free to ask us any questions, I'm sure we've missed a thing or two in our analysis.Thank you very much and cheers!

The property is now listed on Zillow as pre foreclosure.

Allow them to take the lion’s share of the profit but you’ll make a little cash to roll to your next deal and you’ll get the experience of working through a deal while also decreasing your risk.

@Josue Vargas I leave a new shower curtain and rings, felt pads for under the furniture legs, furnace filters and a brand new roll of toilet paper on each holder.

There are only two weeks of vacancy typically (for make ready, repairs, etc) assuming unit is pre-leased for following school year. 

@Don Gouge I agree that older homes pre-1970’s can be a liability.

Many of the west coast foreclosure buyers are out of business Just not enough deals to bid on.I know when i used to go to the auction in Vegas there would be hundred homes a day going.. last week an average of 2 or 3 a day actually go .. so its a slow roll to get to that.. we just have not seen prices coming down..

Made a fair amount of tax free money that we rolled into a seven unit apartment building.Lessons learned?