Hi all, as the title describes, I am determined to get involved with real estate investing but I have a serious lack of cash flow because I am a college student.

Congratulations on doing a Wholesale deal to pay for college!  

it's just an opinion, one thing with all this knowledge here some one will see or think of something i didn't like holding cost, insurance, permits, inspectors. 

Just tell them the situation and they may be willing to come out if you buy a permit of some kind.

I have college area rentals too and do what I can to avoid midyear vacancy too.  

I hire a "permit expediter" who knows people...otherwise get ready for a mind boggling run around, ensconced in incompetency, contradictory ordinances, and sheer arbitrariness. 

I would suggest you start by building your education, whether that is a college degree, independent education on a skill or a trade, or surrounding yourself with mentors.

They are usually fresh out of college with lots of debt--- that means they can't afford a mortgage.- Why buy a house you have to all the work on yourself (mowing the lawn, watering the grass, etc) when you could live in an apartment building with an on-call maintenance man to do the work?

You should call them up and ask them, just like you've asked here, and they can give you the straight scoop.That won't stop me from speculating, though :-) I think you will find that:Unless they have clearly explained this is a renovation loan, that they are expecting the repairs to be done prior to closing.That if this is a renovation loan, they won't permit you and your dad to do the work.They won't require AC, but they will require heat.Once you call them and get the information straight from them, be sure to let us know what you find out! 

Therefore, due to the housing market crash and the failed launch of our real estate investing business, I decided to return to college and major in Marketing.