Seems like a good way to get your feet wet, get in the game, and start saving up for the next one.

First mistake, provided a free incentive to please and secure your tenant, you should always stick to the rules, you must charge accordingly, always enforce pro-rated terms, if/as stated in your contract ease terms.I always like to say that an exception, quickly extends into the rule (As a general rule of thing, we absolutely do not bend on any rule and enforce every element (within reason))Another view is that if you are the individual, the owner, the landlord, the point of communication, it is more difficult to distance yourself from the emotional element, sometimes the emotional attachment to the asset, will shut down your business side of thinking for a brief weak moment, you must restrain from that.

I did a "1-12 months out, let's set expectations and get a game plan going so we can jump on it if a great property happens to pop up" face-to-face meeting just today - Say hi @Tihanna Mccleese. :)#2: Nope, shouldn't. #3: It depends on what your tax returns will say, tbh.

I am 24 and new to the investment game.

This seems to be a long game.

I got my 14 year  old son in on the game, and told him to start sending letters to multi-fam owners in a two mile radius of our house.  

I have picked up houses and land, easy to sell if you are game.  

I can't win if I am not in the game. 

So, check with your local code enforcement division. 

My advice is to pass on this one if:-You are not 100% comfortable of the numbers independent of his-You do not have an understanding of your agreement together and his obligations are spelled out-Your agent has more skin in the game other than commissionsYou can always pass on this accepted bid and re bid when the property comes back on to give you more time to gather information.