I am currently living in a house in my college town my parents own (My older brother went to the same school, but is now graduated).

Hello,I bought a house at the auction with people living in it.

Purchase price: $50,000 Cash invested: $4,000 5 bedroom 2 bath house located next to Western Illinois University - All in for 80k and rents have pushed to 2,100 / mo without any utilities included.

Hello Evan, great choice, you can get started, the first thing you should do is look up how to set up an LLC, you may not be able to own it until you are 18, but I would think that your mom or dad could be the place holder until then.  2.

**Realistic Timeline**: I can realistically pay off the house in a year, which gives me a debt-free asset to leverage later.3.

Market in a MinuteEast Tennessee home sales declined 18.9% from the previous month, and decreased 9% from a year ago.The median sale price was $375,000 — up 7.58% from the previous year.Total housing inventory increased from the previous year – up 41% from a year ago.

Here is what I learned:A great deal spread will trump any expensive lending termsYou need to be liquid, a lot more than you thinkGetting the exit you want will depend on the finishes in the house because all those ARVs you looked up had very nice finishes I'm sure. 

I originally posted that I wanted to do some house hacking.

It's a great tool to help scale your portfolio, but you need to set it up correctly on the front end.

I house hacked a property that has 9.4 acres, and has a duplex and single family home on the property.