It takes a lot of capital invested to start making enough returns to match your current income.  

If so start with logging your hours every week.

Hello, I am looking to buy my first property (most likely an investment fourplex), but just left my job to start a grad program.

While I finish school I want to work, at some level, for a brokerage and continue to build the savings and connections needed to start investing in my own properties / making a career in real estate.

Start talking to other lenders, plain and simple... you preapproval does not hold you obligated to anything.

Not everyone starting off gets hit with this, and if you can buy a portfolio it can "de-risk" the issue to some extent, but if you have one property and experience an 8-9 month fight to collect rent prior to eviction with a large repair bill after that it can be very painful.ALWAYS use a licensed PM in Detroit. 

Consequently, new homes in these locations start at $550,000.

I will start expanding my network now.

my key question was around trustee for these land trusts. i can work with the specific legal company to have their trustee initially, and then have a resignation deed which designates me the successor. should i do all this or just have myself as the trustee from the start itself?

When you raise in a pool interest starts at a certain date and you have to be very careful of drag on the money IE payoffs with no new fundings.. but still owe the investors their return.. this sunk a lot of funds during the GFC..