The rent collected would offset the rent I pay in CO, giving me time to wait until the market softens here before I buy.

You may make really good money this summer (and that’s really good money) but a bank is unlikely to give you a loan if you don’t have consistent income, or a co-signer.So if you wanted to buy anything like a rental you’d likely have to wait until after you graduate and got a full time job.  

Also was wondering if I should wait till I have more rental income to create an Llc.

I would like to invest in property and then rent them, however I am a student and I can not work, this makes it difficult for me to get a mortgage, becouse i don't have the right credentials.After a year of university attendance I can take the SSN for work, at that point I will have the right credentials, but I do not want to wait a year !!

I look forward to chatting and learning from you all and can’t wait to see where this journey takes me!

I have hired a company to take care of that and after thousands of dollars spent over 4 months I didn't get a single lead to justify the investment.

We are currently waiting to see what our neighbour thinks of the property before we proceed further.Sounds like it would be an informative meeting Kris!  

He mentioned in his email that we would wait for my response fro 3 days until he proceed to take any further actions.

If the owner can wait for the cash-out, he could become your lender and receive monthly payments until you do a ballon in a few years. 

You would get the stepped up basis at the time of their deaths.Assuming you don't want to wait, an installment sale does have the advantage of spreading out the gains.