So far the experience level of the people I have met there has been pretty low which I understand that they are there to make contacts and learn (everyone needs to start). 

garages, basement storage?

Also Condos Tend to be the last to rise and first to fall when markets change, FL is highly volatile, especially condos, so unless you buy WAY under market, your risk is pretty high especially if you want to get out at a low point in the market.   

The challenge is this would be my first home I would ever have put an offer on and there is a lot of interest in the house already since it is such a low price for the area.

I would start with Brandon Turner's book on buying with low or no money down.

Obviously by losing a full units rent, the numbers are now low but are still in the positive.

I thought about trying to quickly pay my Student Loans off after my Car, but I have about 18 more years to pay it off so the payment is super low (~250).

I am from England, so my questions might be culturally related.Question 1: “Ghetto areas” in LA

I’ve found a few promising properties in LA zip codes that, according to Best Places & City Data, have high levels of violent crime.In the UK, we’d call such areas ghettos and they are not worth investing in, as the tenants lack income, the monthly rental prices are low, and the property management companies provide a poor service.

We soon learned the area was starting to decline demographically, more and more low income applicants that couldn‘t qualify.

But as you wait to deploy that capital, the return on equity (ROE) is very low.