I want to make sure the property is worth it before we run that final search.For packages, I usually farm the title work out and that takes more time.

I would think that if that were a solid idea, then somebody else would have bought the lot and done that with it by now.If you can acquire a property at a discount in a decent neighborhood, earn some forced appreciation, with some cash flow in a local market with a long history of decent price and rent increases, and can independently validate that all of these elements exist in the deal, then I'd go that route.

While I would suggest getting one of their packages to help you professionally you might be able to just watch their videos and gain enough information to start a corporation and business credit that way.

All the packaged ones I've seen are pretty much DIY and come precharged for up to a 25 foot line set.

This will cost you up front but then you can take that package to friends, family, local RE meetings, attorney, etc.... 

One piece of advice, ask for a package from the investor that includes summaries of their last 3 deals and a full pro forma on their proposed deal.

I have just put together a package to start my LLC and have gather a team of 2 realtors and an awesome contractor and I'm eager to get going.

Also, getting rent is not an issue because students' financial aid package has housing allowance factored in.  

You may not have to replace all these at once (unless you have a real distressed property) but all elements have a useful life to be mindful of as they will need replacing someday...Probably the best (and briefest) advice I would offer newbies (wish I had studied it earlier on): search CapEx on BP in the forums, blogs, etc. 

I know that we've run the gauntlet over the years, all the way up through enterprise style solutions and customized software packages.