Make sure the place already has a pool and benefit from the sellers loss.

This lends to going down the path of possibly providing the tenants with financing, installment contract, disguised sales, delayed closing transaction, equitable interest, refunds, lawsuits, loss of profits... etc.

Is it possible to include a clause that makes explicit that the tenant  elects not to purchase insurance and waives their right to damages and loss?  

I run my business almost a loss, so can't show income either.

Always include even if self managing) plus 1% for turnovers.5% Credit Losses (Uncollected Rent and Skips)5 - 10% Maintenance/Repair (depends on Age and Condition of property)5% Taxes and Insurance (Varies)5% Utilities paid by owner (Electric, Gas, Water, Sewer, Garbage)5% Landscape Maintenance/Snow Removal 5% Misc (HOA fees, Pest Control, Legal, Accounting, Advertising, etc.)5 - 15% CapEx.  

However if it will cause a loss on your tax return you can't take 179.

It's also a turn off that class B offices with only 2-3 tenants easily cash flow negative with the loss of one tenant.

But have also been looking at possibly buying a home here at school, there are a few i had in mind that seem feasible for me to take on and i would rent out the extra rooms to students/ friends.

I wanted to speak to someone with experience with this and ask if it's feasible to make this a good investment?

I've always been interested in real estate, but I always felt that it wasn't something feasible until you built wealth first.