If I were you, I'd offer to buy this person dinner in exchange for picking their brain. https://www.airbnb.com/rooms/975746@Bill S.

We’ll make some other assumptions in order to keep this as close to an apples-to-apples comparison, too: You don’t have to invest a dime of your own moneyYou paid the same amount the REITs didVacancy Rate stays static at 15%You hire a property manager at 11%Repairs and maintenance are a very reasonable 7%Capex is about 8% since the homes are reasonably newYour mortgage rate on a 30-year fixed is 4.138% (more on why I picked that number in a bit)No PMI (no particular reason--I just like you)The numbers should look roughly like this:As you can see, you’re going to have to come up with a bit of cash each year, if you want to own them outright in 30 years. 

Libby,I have section 8 properties and if you take care of the tenants they will likely take care of you and be long term tenants.I would say to them I can't afford it right now but if you will give me 6 months I will upgrade the flooring and give you a few choices to pick from.

No one likes surprise liens.This will also help you determine if a college town multi-uit is zoned properly like @Chris Seveney mentioned

You can determine if it loan qualifies by looking at the property listing on hudhomestore.com, or by asking your agent. 

The lender will do a title search and discover this.If you're doing an assignment, the lender may exclude the assignment fee from the "value" for determining LTV. 

What are the permit requirements, if anyWhat quality level of finish do you need to hit in order to make it match the demographics of the neighborhood These will all ply a role in determining if you’ve got a winner or a loser.

Perhaps you can work overtime or pick up a second job to save money faster.

That will determine the next step.

If so what's a good way to quickly determine the difference?