My first PM said a house was in great livable condition and then after the tenants sent a certified letter to the county and started a Rent Mediation situation they did a full inspection and gave me a long list of items and said fix it.

The Tax Cuts and Jobs Act of 2017 adjusted the existing tax law to allow an incentive to immediately deduct 100% of the itemized depreciation expense in the first year of ownership versus deducting it over the normal 5-, 7-, or 15-year depreciation periods.

Then a big cost item breaks/something happens, now you're distracted from your studies worrying about a house you're not living in, etc. 

@Matthew Banks- thanks ...1)  if buying 1st property as your primary  residence  - you should target  3-5% down payment for whatever your  price  range  will be  .....keep in mind you  will also need to have  funds saved for  the new loans  loan fee/ closing costs / prepaid taxes insurance and interest  .....you are allowed to ask the seller to provide a  credit that can be used to  cover some of these  items  .....get  pre approved  so you can  learn  the process and  understand the  numbers  ...good luck

Be prepared and if you have overextended yourself, start cutting out the luxury items and vacation plans and prepare to hunker down.  

Jacob, if you re-read my post, the CU policy uses the word "assumption" (in their (old) four-item Policy Statement) because they don't recognize "Subject-To" transactions. 

Both of those items need to be rectified but the ants just showed up and the dryer could have died the second you pushed the power button.

We initially offered $15k in concessions, which was decreased to $8k, but then we got nearly 100% items on the inspection report resolved before closing.How did you finance this deal?

Evictions were only allowed for safety items. 

I've considered simply inputting into the spreadsheet the total income/expense from my PM as a single lump sum every month, and then adding only the other expenses (insurance, property tax, loan interest, remodeling costs) as individual line items, since there aren't as many of those.