I just don't see much risk with the situation I mentioned above, unless of course I am completely without a job and wasting away my saving. 

The area around me is improving and I became interested in what it would take to buy my building.  

I'm sure there are some food service industry jobs In which you could earn $40k+ a year if you are putting in the hours while looking for a physics job.

Therefore, your purchase price + any possible renovations/improvements should be around 50,000. (2% of 50,000= 1,000). 3.

Most agents only see inside the traditional box, good job on thinking outside of it. 

different sources: part-time job, self-employment income, child support, etc. 

I have worked in corporate america for over 15yrs and investing in real estate part time since I was making $70K on job...

Wow I love the stone flooring and what you did with the bathroom, great job!

I never used my broker license for a full time job even though I kept it active for about 30 years.i closed a few deals for other people and have only one real estate investment deal for myself.As a safety thing, right after you close on an improved property, get an insurance policy that will protect you if there is a loss.  

However, the current rent reflects that and with these improvements, could definitely be raised.