If you wait until next year to buy a property due to income constraints, the lending criteria may change, interest rates rise, market may change (likely) and any number of factors that could stand between your ability to find the money you seek to buy another investment property.

this can vary considerably depending on the market and who is doing the work,.

Brandon Turner wrote a great article on How to Make a Million Dollars from Real Estate and in it some guidelines for the types of home you should buy to make the 7 yr rise to a million possible.

He could rip apart your contract or prove no consideration, etc.  

@Tiffany Plovie I will take your advice under consideration, I guess the biggest delay was that I was dealing with this situation personally rather than business like, and need to put the personal aside and handle the business at hand

From my research most states don't consider it a sale as long as there is no consideration (money) involved if it's an llc..

I probably even out when I take into consideration the extra time and effort that goes into dealing with student tenants.

Also, those people might be calculating cashflow not taking into consideration cap-ex.

The tenant will pay off any loans on the property and you will see the monthly rent checks rise over the years.

I am new to REI and playing with this idea, as my credit is not so great (got a little crazy when I turned 18), but it is on the rise back up and I am much more responsible after my crazy years of maxing out cards.What are the terms usually like?