of course income debt ratios have to be considered 

You should also understand unrelated business income especially unrelated debt financed income UDFI.

Also, I'm in rather dire financial straits to be looking at 35k down properties; While I don't have any debt, I'm not employed and don't have much of a nest egg.

The PR is someone to just sign, transfer, sell, etc. the property to satisfy the debts of the estate and then transfer remaining assets to the beneficiaries.

So i thought to myself if I put that degree on hold what is a smart way I can pay for continuing my education without being in thousands of dollars in debt.

No Debt Financed Income Tax on IRA InvestmentsIncome from that investment may be subject to unrelated debt financing income tax (UDFI).

I want to purchase an investment property but currently own my home so my debt-to-income ratio is around 20%.

.$8k in card debt rates vary between 12 and 21,99%. $200 per month.$46k in student loans.

Once you get an idea you can start a spread sheet of portfolio lenders in the area and ask lenders at each one about the metrics.The key metrics they will be looking at most likely are DSCR (debt service coverage ratio, usually in the 1.2x range or better), LTV/LTC (loan to value or loan to cost, depending on the project), guarantor support, amortization in the 20 year range plus or minus, and maturities in the 5 year range plus or minus.

I've recently heard that if an investor files loss in his investment property in filling his tax, it will effect his next mortgage by impacting on debt/income ratio.