@Chad Smith@Chris Mason1) Regarding taking a 401k loan: You would have to confirm that your 401k plan allows for a 401k participant loan (and that you have not had a outstanding loan in the last 12 months since your ability to take a loan is reduced by the amount of the highest outstanding balance of any 401k loan that was outstanding in the last 12 months).If yes, you can borrow up to 50% of the balance not to exceed $50,000.The repayment terms are equal monthly/quarterly payments (as you prefer) of principal and interest (e.g. prime + 1%) spread over a 5 year term (or longer if you will use the loan to purchase your primary residence).

I have GSU students living in one Oakland City house and young professionals in another. 

Many mortgage companies will not finance a property in an LLC.If you end up renting to students make sure to get the parents to cosign the lease.Do you have local family members that could act as the PM and save yourself a bunch of money?

We are both recent college grads, currently working full-time, and paying off student debt.

If this is from one of the more famous guru's students, I would further put more distance between your hard earned dollars and the deal "sponsors". 

Do you materially participate in the rental activity?

Hi - I'm looking for advice - and shared experiences (good and bad) - on how to set up a partnership with one other person to pursue purchasing and managing properties - SFH and Duplex - in a small town aimed at student rentals.I'm new to real estate investing, and interested this specific market which is out of state (I'm based in Brooklyn).   

However, we feel that the tenants (students) can keep the heat switch on for a while or forget to turn it off etc.

I think the content is fantastic and the people who listen to the content and participate in the community develop greater leadership skills and learn how to manage their money a lot better and improve their financial situation either in the business or outside the business.  

I just went through our finances and we are over $117k in debt with student loans, credit cards (one of which still has the $22k from the course), and my car.