The one thing that is bothering me is that I feel like I cannot use the profit for quite a while.

Investing is done for profits or to generate income.

I wouldn't let that be a major concern.

But I would aim for a bit better deal so you can refinance out all or at least the vast majority of what you put into it.

Minimum I want to make $150 profit per door per month which is doable here in atlanta.Good luck.

What I do for a living, or for income, is very different from what the vast majority of people do.

Take the value that the agent gives you, subtract 30%, subtract repairs amount (guesstimate), subtract your profit.  

There a great many benefits when investing near the university- its the largest employer in Cincinnati, student population growing 6%/yr, I've had 0 vacancy, it's just 2 mi from over the rhine(think silver lake) and downtown, it presents cash flowing deals while well in the path of appreciation, and every major hospital in the city is within 1mi.

Purchased the property in May and even though I took most of the summer off, was still able to get this one finished from afar and sold this week for total profit of just over $33K.

Sounds like you put in the hard work upfront (analyzing and finding the right house) to find an investment with a great profit.