Our deal didn't go through at the time because the person, although credit worthy(score wise) didn't have a substantial history.  

This is also an incredibly insight post.

If your rent is way under market for comparables, they might realize the value they're getting.I doubt they would be incredibly surprised at a small rent increase if they knew the building was for sale.How much longer is their current lease?

You have found an incredible ocean of information here at BP, if you're serious about investing then I highly recommend spending time scrolling through this website as often as you can.I got started in real estate as a junior in college like yourself so understand your situation.

Since then I have become more and more active and find it incredibly fascinating.

My experience and understanding is you that you will have an incredibly difficult (if not impossible) time if you buy a property with cash and then try to get your cash back out using conventional, Fannie Mae financing.

If I were to get this HUD at 74,500 (I know very unlikely, but you can't shoot if you don't score, right?)

That is incredible.

Whoever signs the lease first gets it.My advise to you is to come up with a way to screen your tenants using a scoring system.

My credit score should be how much?