The way this property is currently being rented is by the room to college students and based on the owners notes, he is paying for "lawn/pest control/insurance/utilities/cable-internet", a management company might might handle the lawn/pest control, but I left the expenses in because I have a feeling paying for utilities and cable is part of the lease the owner has with the tenants, and I would pick up insurance myself as well.

Hey everyone,My name is Bo Cochran, I am currently a student at Ohio State University.

She has student loans but I do not, and my credit is almost perfect.

Notably their MAGI, ownership interest, level of participation (active participation), and tax basis. 

Hi Jonathan,Hallo hoe gaan dit, ek is ook nuut op Real Estate.I participate in the 90 day challenge from BP, I know a broker who is interested in South Africa, last year he visited South Africa and he is crazy about it, is it also possible that foreigners can invest?

They can't apply other forms of dwellings as comps (SFR, condos etc).I'd definitely challenge that - at least for 2019 you should be ok with $393K.Outrageous tax value :(Hope your rents will jump twice as well  Its not impossible to hit $700K, but unless it was a massive multi bedroom student living arrangement, or brand new construction,  it wouldnt come close to $700K, not out by TCU. 

I have some credit card debt and little student loans I would like to pay off before looking into homes and taking the plunge.

Even if they had significant student loans, they could still save up for a home within a year.

After taxes and paying off all debt (student loans, family house, etc) this leaves me with about $800,000.

I have made a conscious choice to make changes (places I go, people I associate with, activities I participate in) that make those things less likely to happen to me.