All direct deposit on-time, pay all their own utilities & are golden. 

Taxes, Insurance, Utilities, etc ... that occur during the Rehab phase and up until the property is fully rented?

Coincidentally he wasn’t actively looking to sell but would entertain the sale due to the fact that he self manages and lives ~50 minutes away (1 way).

The Fannie/Freddie rule is 6 months before you can refinance based on the ARV.If you want to refinance sooner (for new appraised value) you would need to utilize a commercial/portfolio loan.

I can go into a market with a competitive advantage utilizing my skills & infrastructure etc....With bitcoin you are just another anonymous Joe.

I had so many people calling in those years HELP my apartment loan will not renew what do I do its a great property and its current.Now most of the folks on BP are new and started after 08 and that's great for them .. and I am not predicting this in any manner.. and many have nice 30 year fixed.. but those that buy on 20 due and 5 there is real risk as remote as it is.. just because a bank rolls one 5 year over does not mean for a minute they will roll the next.. then you had a Hedge fund like Rialto buying all this bad paper and just stomping on these owners.. people I knew were forced into bankruptcy  Rialto would not deal .. and to make matters worse that company got 5 B of tarp money.. so our tax payer dollars was creating this huge win for these guys.. it was ugly.. but its all good now..

Speak to the Tenants if possible about their rent and whatever utilities they pay.

You want to earn a few million in five years, put on your suit and head down to Wall Street and see if they are hiring traders (ps they aren't, not unless you went to a Top 10 B-School) Some folks have given you well meaning, but incorrect advice.

Since I will be attending graduate school upon acquiring this first deal, I'm looking to find more of a turnkey property to both have experience with a first deal and also to utilize a creative method of paying for rent during school, I just won't have the time that I'd like to do hefty renovations.Any and all suggestions would help!

That would have avoided transfer taxes (not selling 50% or more in 1 calendar year) and avoided obtaining new financing, new title ins, lenders ins, appraisal, assesments, changing utilities over, etc.Alas, the 6 partners couldn't all agree.