We plan to create a separate LLC to hold the property as well. 

And if the latter is the case, is there anything I can do to create a note that is not assessed as part of the debt for the property, but is rather stand-alone debt?

My first goal is to create a sound investment plan then to move forward and purchase my first property before I graduate in ten months.

Wondering if there any golden rule for minimum bid on such home owner occupied HUD properties.

I told them while chatting with them, that I made no exceptions for my rule that income must be AT LEAST 3x monthly rent.  

., the taxpayer owned one parcel of land for 11 years and upon sale the court ruled it was inventory and would be subject to ordinary income taxes rather than cap gains.My point is, @Anna Watkins, that you need to speak with a savvy professional and lay out your facts/develop a defense plan before you redevelop.

My initial research has been into - kane county foreclosure sales- researching liens online - practicing the 70% rule on the list of 2016 past and future foreclosures to see which properties sell for at or below max offer amounts and to see if i can tell what indicators set these appart from those that sell at foreclosure beyond the 70% rule amounts?

Keep your tenants at arms length, they are not your friends, and inforce all rules to the letter.

If you are starting out with rental houses, get ready for more impossible rules and regulations and higher costs for repairs. 

I have an agent and we are looking for the right opportunity that meets our expected numbers from ROI, Cash Flows, Cap Rate, 2% rule, etc.