and that's when I realized I really enjoy anything involving homes and that I wanted to be involved in real estate somehow for the rest of my life.I'm looking forward to meeting other people who are just as passionate! 

The title co.s can tell you what you need to do to get marketable title.....likely involves a waiting time requirement and/or a quiet title action.

Buying with cash also allows investors to buy heavily distressed assets that would not otherwise qualify to residential or commercial financing.The con involved in paying cash is you greatly limit your buying power.

Any thoughts and advice on using this method would be great!

Saving money is the easiest method to get started on your own.Money makes money.

Since I will be attending graduate school upon acquiring this first deal, I'm looking to find more of a turnkey property to both have experience with a first deal and also to utilize a creative method of paying for rent during school, I just won't have the time that I'd like to do hefty renovations.Any and all suggestions would help!

Buying a BRRRR generally involves more time, energy, and risk.

If you want to recover all your up-front cash or want a substantially higher return, you're going to have to work for it, probably involving some rehab.

I know that banks want to see reported taxable income and I don’t want to cause any red flags or have IRS get involved.

You might want to double check on the quit claim deed transfer method - usually is not transferring the title insurance.