As we all know Relationships , your contacts , what others think of you ,your track record are all things that contribute to your success. 

They keep track of who will buy a distressed note, or who perform quickly, etc.

The same is true for lawyers, some kid out of law school doesn't command the same fee structure of a lawyer with 25 years of experience and a track record of hundreds of cases won in technical aspects of law. 

Youre on the right track.

If they don't pay up and get back on track, it's time to talk with them about a move-out plan.

For New Jersey it could be a totally different story, is it close to rail way tracks?

You are on the right track, but I think you will need help to get this completed.

Track all properties income and expenses you are responsible in report form with people you feel comfortable with and understand your goals and all of you might reduce some of your expenses and increase your income.Do not assume anything.  

I am wondering how feasible it will be for me to start fixing and flipping homes when I graduate with little or money of my own to contribute to deals and no track record. 

Lastly, if the seller does agree to a seller carry or wrap, make sure you have a third party note servicing company tracking your payments on the note.