Assuming your marginal tax rate was a combined (fed & state) 33%, you would get back $1919 on your taxes, assuming you had income and paid taxes.Speak with your CPA on this, as there are several different strategies that can be used, and there can be depreciation recapture, depending on each situation.

I think there are several routes you could go here, the first is to sell your vacant lots (assuming the market allows you to do so) and then buy your new home with the cash proceeds.

Do fully assume the 40k second mortgage?

With little cash at the ready, I'm assuming wholesaling will be what I do for a while.I have chosen a geographic area of focus that I am very familiar with.

The reason I am considering College Rentals is I assume with proper location one would have below average vacancy and would be able to rent units out for larger monthly rents than a similar unit would rent for in a non College Rental market.

I would assume that Chicago has many opportunities for renting, although this I am not positive.

Hopefully they will listen to what I have to say about becoming wealthy, but if not, I have no reason to believe they will not be at least middle class, (assuming there still is one in 20-30 years).

That assumes that $48 will cover the utilities, which unless that's just water, I seriously doubt.

Since what he says on this point is complete BS I'd assume that much of what else he's said is as well.Unless you really want to cash these things out quickly, which he doesn't offer to do, just sell let the agent sell them as he gets offers.

I'll assume you meant "foreign" currency.