If so it will be more $Anyway to give you a ball park: it should be 4.5K each (parts and labor) on the low side and 10K each (parts and labor) on the upper side.  

Any of these strategies will work, since you bought low.

I would buy a partial or entire low balance note; or JV with an investor who buys NPLs and does a workout etc.

With my low-income being a student I wouldn't get approved for a decent mortgage from a bank, so my question is:Who are the best lenders that would approve me for a mortgage?

I will gladly buy a beer or two for a seasoned investor that would be willing to take me under their wing. 

Problem is the area is one I don't like, bleak job growth, low class, challenging tenant pool and needs really good, strict management.

I have noticed some potential low cost rental properties in my area for purchase.

The real reason was long-term low interest rates.

If they stay low a long time and you take the money you save and use it to pay down the principal, you may have made an excellent choice.My opinion is most people are better off with fixed rate loans.

 $42,000 is not all that bad, I see some comps where other investors are buying from providers I have never heard of in the mid 50's ' low 60's.