On a practical level, a custodian just wouldn't allow the investment as the allocation has to then be for something other than dollars.

HiSo I am new to REI and one of the things I am doing is just practicing analysis on loopnet listings.  

What are your best practices?

Since you are not in a position to pull the trigger immediately, I suggest you start practicing evaluating deals so that you learn to do it fast.

My realtor says that is common practice with listing agents... is that true?

Go view student rentals  and start asking the questions you have practiced and learned from your reading and research see how the landlords or managers respond, if there are other people around talk to them ask them what they think, see how that correlates to your knowledge.

I have no idea what that means in a practical and/or cost sense.  

I would start developing a relationship with an attorney that practices as a settlement agent too.

Each state has varying real estate laws and practices. 

But whatever feedback I can get from you or anyone else as far as your specific practices is helpful.