After the inspection about to ask for a price reduction.

We have the inspection which pointed out the problems but my plan is to get a foundation repair company out to give me their assessment and a bid for repairs which we would use to negotiate a price reduction.  

There is seasonality in renting for sure - if you end up with vacant rentals after the school start in autumn, you will see a decrease in inquiries and less traffic, and likely a reduction in rent.But also the rents are, if not stagnant or decreasing, for sure not keeping up with the property tax increases and other expenses.

Has your agent strongly recommended a rent reduction?? 

You are going to pay the 5K to get a 1k reduction per year in taxes for the 3-4 years untill they assess again. 

I'm seeing lower initial asking prices and price reductions out west of DFW. 

Take a draw of your cash, report it as a reduction of equity, then buy your next rental property.

I do question if students will be willing to move out for the fairly short winter break and if that will result in reduction of rent you can obtain from the students.  

Hello Darrel,I am active duty myself and I currently have a property, which I acquired with a VA loan, that is being rented.I have also refinanced this same loan, which resulted in a reduction in my interest rate (4.75% to 3.75%).After living in the home for about three years I received orders and consequently hired a property manager to handle my soon to be rental.

Have a goal for doing this by a certain date.If you and your fiancee can manage thru the spending/debt reduction plan, then you'll have a far greater chance of being a happily married couple and a successful real estate investor.Best,Rick