And starting off, please don't get in the habit of saying I bought a property 25,000 bucks below the FMV as that is not the case, but you may have purchased below the ARV, hopefully.

Or, possibly selling the property and doing a 1031 to defer the taxes or doing a short sale.As you can tell I am fairly new to RE myself so I am looking for some quality ideas from experienced pros.I may have left out some vital info because of my ignorance on the subject.

$3800/mo for barely habitable student apartments?

You mentioned letting the current tenant stay for a bit - that was my original plan when looking at this house, however the idea of getting into a situation of habitability complaints vs what could be painted as retaliatory eviction spooks me a bit.

They are acting as an agent without the laws, ethics requirements, education, and insurance that are vital IMO. 

If you can afford to do it get in the habit of doing a 15 yr note over a 30 yr note if you plan to hold them for a long long time.

If you have co-owners/co-investors, then getting your LLC (or entity) structured properly is vital.

Again, finding a good team who has experience working with new guys is vital.

However, I would make sure it is habitable, so you could move into it. 5.

@Dan Buhr Many times you won't be able to get conventional financing on flips or BRRRR deals because the properties are not habitable so they don't qualify for lending.