@Michael Zack It's good to hear from somebody in my shoes.

Of course, I may be biased, but I do think turnkey is one of the best options for people in your shoes - it would be nearly impossible for you to self-manage all the time with your job and family obligations.

If I were in your shoes, I would start getting to know the market *now* near your campus or where you are going to be living after graduation.

I also have 3 roommates in one of my apartments who were looking for a place together and that is going well also (they split rent).All that being said, if I were in your shoes, I would still market to students because cash flow goes up when leasing per bed and there's a chance you could still find good tenants.

I guess I just wanted to get a sense from people that have been in my shoes with no experience and went head on into multi family properties, out of state.

I dressed up, shined the shoes, and spent the money I had left meeting face to face with people I knew had money.

Only the borrower needs to sign the modification, the seller does not need to be involved, your acceptance of the modification can be made as the new note holder after you buy.Now, to your "exit strategy" you do understand and your attorney understands that buying the note is not buying the property and that you will be in the shoes of a lender to the extent of the cash paid for the note and not the holder of an equity financed installment transaction?

You may think it is BS, but put yourself in the contractor's shoes: How would you feel if you had RE investors asking you to perform all kinds of free bids on porjects that the investor did not already own or control (contrrol via purchase contract)?

Shake the dust off your shoes and move on.

Don't make this harder than it is, you'll be rejecting hundreds of people if you're a landlord, get used to the shoes.