For the area I am in, I spoke with my realtor and are confident that the studio would rent for $900-$1100, and if I were to rent the actual house (in a year or so) comparable show it'd rent for $1800-$2000. 

15K is not a renovation, so, you need to make sure that you're comparing like to like

I kind of lucked out comparatively speaking, but f you’re at the attorney stage (which it sounds like you already were prior to writing this post) it pays to shop around for the next steps.

Not to mention the headache of dealing with government paperwork and employees.You may also have trouble getting an offer accepted vs. a comparable offer with a standard commercial loan. 

Before I found BP I actually came across the MREM website and was really impressed with it compared to most real estate websites/technology.

Financing the entire investment (through very creative means, which took me MUCH longer to figure out compared to finding this deal) seems like a no-brainer to me, but I'm scared I got something wrong in the math and this is not as good of a deal as I believe it to be.I'm a newbie, I quit my job in the Oil & Gas industry, enrolled in real estate school, completed it in 3.5 weeks and I take my test 9/4/18.

Another issue we are having is that there is nothing to compare this facility with. 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

We secured hard money for the pre-approval; however, we'd be interested in comparing terms with other lenders over the next few days.

Considering that a buyer could possibly also negotiate a better price and/or pay cash and avoid the mortgage expenses since the amount is quite low compared to other properties in Washington state, it could be much more lucrative.