Then I asked, how much are you putting out extra per month?

But fixing things quickly maybe keeps the tenants for an extra lease, which is worth it as well.

My question is, will it be a better decision to put 20% down on the property I purchase in order to avoid PMI; or to put 5% down and use the extra cash to potentially line my self up for another acquisition in the near future?

She does earn 3x the rental amount. 

You have helped me realize that I probably won't be a "good candidate" (haha) for banks right now as I am earning $0 as a full time college student.

But, if there is a possibility of a short fall....HOA/other debts that can't be negotiated out with the bank ( the lender will only contribute a set %) you need to be prepared to pony up some extra money above and beyond the purchase price. 

Learn as you earn.

@Carlos Rovira the general rule is that income is taxable in the state in which it is earned.

I think the advice of billing them early but giving them time to get the extra money together is a good way to proceed.

If 5+ acres then what is your plan for all that extra land, and do you have the money on hand and the local regulatory environment mapped out to execute that plan?