I think the biggest lesson on this one for me was that if you just start doing stuff, things can happen.

The biggest problem was water damage from a busted pipe and water damage to the added porch.

Total Income/Month = $2420Minus the $575 once I move in but I will have a roommate who will pay 200 + half the electric so I would subtract $375 from $2420 =  $2045Expense Break down:PITI = $1447.62Tenants pay Electric,Cable, and Internet I pay water which at most is $180/mLawn = $50/mSnow = $100/mGarbage = $50/mElectricity for my room =$50/mTotal cost = 1877.62Income - Expenses = +$167.38/month plus I would live for freeI have an inspector going through the property tomorrow and am heavily considering having the plumbing checked out due to it being an older property and would love advice on this. 

@Todd DexheimerPatience will be my biggest test .

The biggest hurdle you run into getting these completed is getting all the contractor information complete and approved.

What are some of the biggest issues you have with working on these homes and with these types of loans?

You just discovered, the biggest pot of gold this side of your nearest rainbow. 

Hi,So currently a cable company operative stopped by my friend's house to route the network cable for the Internet modem into the master bedroom.

Thats the biggest thing to move from inaction and towards the deal process with first time (and even experienced) investors, is EDUCATION. 

Price isn't the biggest factor, ease of use is for me due to the demands of running more than one business.