I just graduated college and will be starting a full time job.

Yea so, I have the numbers below:Purchase price: $87,500The only financing I could get was through my credit union for a 15 year mortgage, but I talked to another bank who is willing to refinance me into a 30 year after I have purchased the property (but they can't finance me initially because I'm graduating nursing school and don't have long enough job history in my position).So, with that said, Im using 7% rate, 20% down, which makes my PITI $744.87; I'm going active duty into the navy nurse corps in August, so if I close on this property before then, I can use SCRA to cap the interest at 6% during my active duty time. 10% property management fee (being long distance, this is a must)5% for each cap ex, vacancy, repairs, and tenant would pay all utilities. 

The only debt I have is around $40k in student loans combined from undergrad and a graduate school.

I'm just trying to get started on my real estate investing journey, I graduated about a year and a half ago and was fortunate enough to get a job right out of college.

The cash on cash return is 22% and 38% after year one (I move out) renting to graduate students.

A well-educated investor is the best investor - and if this is something I pursue after I finish my education (I'm a Dartmouth College student, graduating in 2008, hoping to get into a finance/business related career), I'd like to learn as much as I can.

You can rent to all the families coming up for marine graduation in Parris Island.Should be a good area just from that alone. 

This relationship could take on many forms so don't get too caught up in the idea of what type of relationship you should have, just try and add value to someone who knows a lot about the field you're looking to learn about, and try and continue finding ways to work with them.I have had a handful of in-person mentors in my life, and I always treat these opportunities like a graduate degree program.

We had two foreign graduate students a few years ago.

Of course, for rental properties you can take depreciation against the rental income thus reducing taxable active income and deferring it as a future investment gain that is not taxed on a graduated scale, but has historically been a flat 15% - 20%, as apposed to you current 33%.