If they decide to pack it up and move out of town, your investment might suffer.  

There are tons of articles on this rule, so I wont go into too much detail, but basically the 70% accounts for the purchase price and cost of repairs, while the 30% accounts for closing costs, carrying costs, commission, etc.

Being that it will be free and clear, i wont have a mortgage, but what other things do i need to consider other aside from insurance and taxes?

good call on networking , get some face to face and you're more likely to actually get some deals done instead of just reading about it and suffering that "analysis paralysis"

If you find a good deals you need to act fast because it wont last.  

Hi LaurenI get the feeling they wont be in any rush to sell the house for less then fair market value. 

Also, you will probably want to check out other investors finished rehabs and since you obviously wont be purchasing those, the agent would have absolutely no motivation to take you there.

I understand I wont make fortunes out of medicine, and I'm not willing to do the Time/Family-for-money exchange, other than the amount that will satisfy my need to help the comunity and get me my experience, but either dont believe on a magical secret solution, rather I am looking forward to get educated and learn from you, more experienced people than me on how to make smart investments.      

Still love the place but it seems to suffer from a bit of an identity crisis now.

However, I usually teach methods on how to find these without national MLS, but you wont always find them where you live.Secondly, finding the right market it the most important aspect of this.