There is a difference between theory with little to no experience and reality and knowledge that comes from actual experience.

really excited to learn from all of you and start making this real estate thang a reality.  

So far the property is projected to generate enough income for this to be a reality, but I'm not sure all of my ducks are in a row when it comes to protecting my other personal assets and being able to use tax write offs for capital improvements. 

@Danielle SheridanThe ideal BRRRR method is like below:buy with cash (40k)rehab (30k)rent (cashflowing, ideally meet 1% test)cash out refi 75% of ARV (get 75k if appraised at 100k)get most, or all your money back, continue on the next oneIn reality not all deal will as sweet as this, but that's the concept.

If you don't have the barrels then eventually the water will dig a hole (SINK HOLE).To rent a machine is only $150-$250 a day to excavate the dirt from around the home.

@Drew McCrory I think that in theory renting out per student can limit you a bit, but I think in reality it doesn't most of the time. 

Most people will say you put down 25k to buy a 100k house when in reality its more like 30K+. about 1600 of your closing costs is money you will get back eventually though - the insurance and proeprty taxes (not get back, but not have to pay down the road). 

Yeah, reality has hit me a few times HARD on this deal.

Starting out I’m not trying to sink a lot of my own money into my first deal.

It does say in my lease that I will take tenants to collections, garnish their wages, and file criminal vandalism charges if they cause intentional damage, but I know in reality law enforcement is unlikely to actually do anything and garnishing their wages would require a judgement.