Both my wife and and are going to school, but graduate very soon and plan on starting a nice little oasis for college students looking for a nicer place than most apartments available near campus.

There's a lot of history with this place, but the guy just really wants to get out and needs money to purchase the place that he already moved into.He's under contract with a realtor currently and has been trying to sell off and on for a couple years now. 

I'm getting ready to graduate in a year, and am wanting to know if it makes sense to use a HELOC to buy a few turnkey properties (2-4 ideally) to build up the portfolio while I'm in school, and then pay down the HELOC to then use it to buy a modest du/tri/quadplex.   

Location, type of construction, school zone, and the possibility of good equity accumulation.

Banks will only start counting rental income after you have 2 years of history on your taxes.

High crime, poor tenant pool, crappy schools, unfavorable laws, and ridiculously high taxes.

Even though in some places one organization collects taxes for multiple taxing jurisdictions....for example the county may collect for, the county, the city, the school district, the hospital district, the community college district, the water supply, the noxious weed control district, etc, the individual entities may have lists too they would give you.   

When talking with my mortgage broker, he told me that as a 1099 contractor, I will need to show 2 years of work history in order to qualify for a pre-approval.

But I feel when its time to find someone else because honestly I do the research and I look at the demographic area, and look at schools, rents, value of properties and I feel I just bring him the property and all he does write the offer and submit.

@Ronald Rohde Many in the general public are bilingual these days, but because of the language barriers, there is a greater possibility of some sectors of the general public being preyed upon.However, as was suggested earlier in this thread, I don't the problem is nearly as big in Texas as it used to be.I've run into it from time to time here in Arizona and I know several years ago I talked with the AZ Dept of Real Estate about my experiences with one licensee who they said had a known history of preying upon the Hispanic sector of the population in the Phoenix area