Then moved into BRRRRs and a few flips.

@Matthew CopelandBased on the numbers your presenting "only have $5,500 or $11,000", seems like your planning to begin by maxing out 2017 contributions for yourself (5,500) and a "partner" (another 5,500).

If we make an off-market deal straight with us and a seller, that's the investor entity.

@Naum Raz Where do you invest an hour and a half away? 

In Texas, I can file a Memorandum of Contract on the property for two hours of an attorney's time and a filing fee and the seller won't be able to get clear title from a title company down the road. 

I suspect its because one bedroom is small, but to most students that didn't matter, as it is more than sufficient for a full size bed and a desk.

I have a client who may be looking to sell a 6X unit and a 80 unit building, both located in MN.

That can happen in a hot market, or it can happen in a crashed market, and any and all points in between, and a true investor will be willing and able to pull the trigger on such a deal at any time and any market condition.

As to vent cleaning, it's quite possible it is something that has to be urgently done, as many owners don't consider it a priority, and a fire inspection could've mandated it.

Interesting article linked below, and a cautionary one for anyone who considers buying debt in natural disaster areas where the home's value is lower than the debt.