Sure you can buy it but I believe that would include any liens/mortgages that are also attached.

@Marvin McTaw It needs flooring (cracked tile) there's some wood rot in the rr, needs all new doors, big thing is it's window units not central ac.

@Bill Gulley & @Devin Woods, On the insurance side of this, 1)  an LLC makes it a commercial policy.  2)  The renter being a student makes it a student rental. 

@Charles Worth,Just curious as to why you think it might not end well.No investment is guaranteed to produce a return and all investment involves risk, especially the risk of loss including, but not limited to, the amount invested.

Where I live, Wells Fargo 'residential mortgage' will include 75& of the rental income towards the Debt/Income ratio in the case of a new purchase.

There are a number of people who fund these types of buys that are legit including some of the better known people on here.

@Jeannine Stormy Wood  I had to comment because of the title, Stormy. 

We are currently paying off the last bit of debt (not including a auto loan, which if that will hurt us please let me know) we have which should be done by November and then we want to go straight into our first investment.

I would include clear language in the lease that states their responsibility for the lawn & snow.

It includes a both a year-by-year mode (10 years); and a month-by-month mode (24 months) designed with re-habbers in mind.