As for the money, $5K might not be enough to pay for the closing costs let alone a down payment or even a security blanket if something in your personal life goes wrong.

Any thoughts and advice on using this method would be great!

The back door has had another "security" door installed in front of the original door that is solid black metal. 

Saving money is the easiest method to get started on your own.Money makes money.

Since I will be attending graduate school upon acquiring this first deal, I'm looking to find more of a turnkey property to both have experience with a first deal and also to utilize a creative method of paying for rent during school, I just won't have the time that I'd like to do hefty renovations.Any and all suggestions would help!

In general, buying using the method you are talking, will yield the least amount of cash flow per month and the lowest returns (other than cash).

You might want to double check on the quit claim deed transfer method - usually is not transferring the title insurance.

That is the other issue, I can doing the refinance to get the cash out of the property to buy another - BRRR method. 

I think the risk is much lower imo since you have a secondary method to screen (S8 office) and guaranteed payments, but that part is certainly debatable.

Either way, the best method to analyze what is driving the loss to lease numbers is by looking at recently leased up units.