You don't necessarily need rental comps, because your applicant won't have any either.When you study different market you often find that rents for single family homes are often about 400 to 500 higher than the monthly PITI for the property.This follows the same principal as any other mature market; the retail cost of capital goods often times settles around 20% -30% over total cost.

It will take about 3 weeks of full time study or break that up as you like among nights and weekends. 

We have been reading, studying, and researching in our off time.

I have done nothing but study real-estate for the past couple of years, and I am wanting to learn more hands on/make some more money to invest. 

Great time for you to study and learn.  

Both methods of purchase constitute "paying cash" to the seller and to you both maintain similar liquidity.  

It's a hot young professional town, so I'm not worried about a ton of damage each turnover.I'm reading Brandon Turner's 'How to Manage Rentals' book and read something interesting.... he described the security deposit as an "incentive to maintain the property".

If just getting to help you as an investor it usually isn't worth it in my opinion since you are held to a higher standard and the fees involved with getting/maintaining your license.

Most people never get off the ground because they fail to take and maintain action.

One of them is "how much of a pain in the *** is this tenant, and how well do they maintain my property?"