I am currently using software called Lender Financing to keep up with the payments. 

With rental property, the delays and fees associated with each expense payment can be a barrier.A self-directed IRA LLC will provide you with checkbook control.  

I know that it would be prime for flipping, but I don't know if it's a wise idea to try and flip a property when one, I'm still a poor college kid and can't afford to make the payments while work is being done and two, I'm a ten hour drive away from the property.

We have a deal that we've both walked and we like the potential and here is what he'd like:Twelve percent interest only, no payments for 6 months, and two points.

And he said that she said it's a long process(most likely pertaining to payments or the bank?)

We each put up an equal amount of our money to cover the down payment plus rehab costs ($50,000 each, for argument's sake), and I get a mortgage for $250,000 (my name only on the mortgage, not both of us).  

If interest rates rise, landlords may not be able to cover their mortgage payments with rent increases.

Some Banks require the ground rent payment to be escrowed.

Looking at refi because expected rent would exceed refinanced monthly payment. 

Since that option would no longer be available I am assuming that I would need to save for a 20% down payment.