Therefore, your purchase price + any possible renovations/improvements should be around 50,000. (2% of 50,000= 1,000). 3.

I do think it is very important to disclose that I am a Realtor and provide the seller with the option to sell the home traditionally or possibly get from under the property quick with a possible "cash" buyer.

My broker and title company will allow us to do the deal, but I want to make sure we get the cleanest language on the contract possible.

Possible new drain tile?

Renting the entire home to just one family would probably just make me break even or possibly lose money, which wouldn't be worth the investment of my money and time. 

However, I do know that I want to get into properties as soon as possible perhaps when I graduate so my plans right now is to save, network, find a mentor and develop my understanding of the game. 

Great opp to cut as many expenses as possible since you're down on income.  

If it is possible for you could start on a multi family home that is easier to get financing including the renovation but you have to live there one year but your tenant(s) could pay the rent that would probably pay enough to cover most if not all of your mortgage payment.It can work well to be a good investment if you keep it for longer term.  

We are of course a bit green, but we will be actively seeking out knowledge here on BiggerPockets and ramping up as quickly as possible.

I'll have to consider this as a possibility.