I'm a newbie and still learning, I'd like to say, however, that my husband and I bought a house that we live in and we rent rooms to college students and have LOVED the cash flow.

But that aside, I agree with the previous suggestion that joining a local REIA is the way to go - take a trip there around a REIA meeting - it's the best way to meet people and get introductions. 

I'll defer to our lending gurus to better fill you in on that end of things, but certainly you should look for ones that are in the path of progress, have additional revenue sources (think storage, laundry etc), or potential therefor and/or have scope to add a bedroom or another unit to increase the income.

I still have a lot of learning to do, so I will be sure to look into the previous servicer too!!

Especially for college students.

There are systems to ensure your value of information is noticed and you get appropriate value for them, be a college professor.

I've been out of college for about 6 months now and am looking to house hack my first deal. 

Allentown...or even think about a college town) older row-home style construction. 

@Elijah FastYour lender and possible your insurer will require a Phase 1 assessment .... this is predominately a visual inspection and paper exercise (costing anywhere from $750 - $2500) with the objective of discovering any potential contamination of the property (or demonstrating that there is none).An abandoned underground storage tank (UST) is something which should be disclosed by the vendor (it appears that it has been in this instance), but it is an example of the sorts of things a Phase 1 ESA looks to discover.Depending on the results of the Phase 1, you may very well be requested to continue with a Phase II ESA.Having a Phase 1 lets you know what you are walking into ... which is why lenders want them.  

The previous owner has a fabulous existing tenant who has signed a lease until May 2019.