The inspection company gave me a punch list of the items to fix and the appraisal the comps around the area. 

I'll investigate a bit more regarding potential cap ex items.

Quote from @Sami Gren: As long as they retain possession, they are legal tenants and you can't change locks, throw their stuff on the street, etc.I would contact them and give them 48 hours to remove their items or threaten to put it in storage and hold it until they compensate you for the extra rent, utilities, moving, and storage costs.

HVAC, roof, etc.if you buy something in great condition, and you have it inspected, and the inspector tells you everything is new / in tip top shape... great, but then you'll still have these items. 

If there was another avenue, like just buying the other property with a regular real estate  loan, that would be a way better move, because you were taking backward steps on quite a few other items to try to make the purchase. if you do decide to press forward, you would most likely want to do an arm loan right now, with anticipation that you will refinance the loan in 3 to 5 years when interest rates hopefully come down.

I will be sure to do my due diligence regarding the items you mentioned.  

My first PM said a house was in great livable condition and then after the tenants sent a certified letter to the county and started a Rent Mediation situation they did a full inspection and gave me a long list of items and said fix it.

The Tax Cuts and Jobs Act of 2017 adjusted the existing tax law to allow an incentive to immediately deduct 100% of the itemized depreciation expense in the first year of ownership versus deducting it over the normal 5-, 7-, or 15-year depreciation periods.

Then a big cost item breaks/something happens, now you're distracted from your studies worrying about a house you're not living in, etc. 

@Matthew Banks- thanks ...1)  if buying 1st property as your primary  residence  - you should target  3-5% down payment for whatever your  price  range  will be  .....keep in mind you  will also need to have  funds saved for  the new loans  loan fee/ closing costs / prepaid taxes insurance and interest  .....you are allowed to ask the seller to provide a  credit that can be used to  cover some of these  items  .....get  pre approved  so you can  learn  the process and  understand the  numbers  ...good luck