The higher appraisal does not help reduce your down payment.College can count toward work history, but you're going to need a full time W2 / salaried job with stable income to go this route.  100% commission income is going to need a history. 

I also believe they would have taken $5k to walk away, but once they knew the appraised value, their tone quickly changed. 

I can tell you that the tone of the threads during a down market cycle is a lot different than it is when you are in the late innings of a strong run-up. 

If you're investing 30k per year at a total of 300k, you're going to need a 40% cash on cash return to get to 10k per month.

You can see what rents quickly, what sits, figure out tenant expectations, what causes tenants to pay more....etcIf you are serious about buying in an area, you are going to need to get serious about underwriting and keeping a pulse on the market.

I would have her relay to the sellers that there were several things that you are going to need to fix from the property inspection, and you are not asking them to pay for those things, just the points to get the loan, which I am assuming the contract in financing contingent.

We are going to need a lot more information to help you out

Many have told us we are crazy but we are super picky with who we rent our houses to but we set the tone from the beginning.

But I want to make sure I understand the process of eviction, and there is one piece that is not clear:  If I were to need to evict for nonpayment, on the 5th day I could hang a 144 hr notice or on the 8th day I could hang a 3 day notice to evict?  

Now I can't say with certainty that it won't work but if you don't know what you are doing and aren't consistent enough then you are probably just throwing away your money.I realize that this rant has seemed relatively negative in tone, but I'm just trying to paint an accurate picture.