After they saw the property and did their due diligence, they told me that they wanted to move forward and just had to clear it with their hard money lender.

It's all cleared up now but man for that first one he was tough.

Not clear on exactly what your question is.

Pass.The biggest mistake landlords make consistently is trying to make a applicant, that clearly does not pass screening standards, pass by searching for reasons to justify accepting them.

I should have it free and clear by Nov 2013.

One thing that I noticed is that although the amount of increase is clearly stated at no more than 5%, they completely neglected to mention how often that one may raise the rent this 5%.Given the tone of this though, there's a good chance that a judge would find 5% increases in rapid succession to be problematic.

It's not clear to me how they just "take a percentage paid out on claims".

Thats going to be the biggest obstacle for you to overcome initially.But if you can start buying at a slow and steady pace now, you're going to be sitting pretty in 10 to 15 years as your portfolio will have grown.10mil in equity and 500k in passive income is not going to be easy though depending on the timeframe you're expecting to achieve that in and the amount of money you're going to have to invest over the years.If you can end up with a 10 million property free and clear, you will very likely be able to bring in 500k in passive income if not more.

(In general, of course, as indicated in this thread, there is no clear definition of "student").

Only 3 loads.Hope you clear up Joel!