I don't expect this to be a big money saver for me but some might use it for the effect and that decreases my cost just a bit.  

It's pretty much having a cap rate of at least 37%  and then doing the ladder effect with all the money made off the rentals and put them in more rentals.

A good partnership should have a multiplying effect due to everyone bringing unique skills and strengths to the table.

So as of right now my biggest issue is finding an established FHA lender who understands how the loan works and is effective in securing them. 

You are effectively "hacking" your biggest expense--housing--by having tenants pay for it.  

Be aware of things like condo rules regarding investor owned versus owner occupied units as this could effect your or your end buyers' financing possibilities, special assessments or association fees that could effect your carrying costs, condo rules regarding renovations and what owners are allowed to do or restrictions on noise or work hours.

I find I'm not suited to hands-off, so I don't pay for management that I'm going to be second-guessing all the time. 

One or two bad months could possibly put you in a bad position and start effecting your schooling.

I like  Johanns  idea of the tightly placed granite (or cost effective tile for you). 

Effect of seller's default on loan secured by mortgage or lien on property If, at any time prior to the expiration of the time period in which the option purchaser has a right to exercise the option...