@Kenneth Garrett - One of the beauties of rental properties is the ability to generate PASSIVE income.

That'll leave it in their mind that they can say goodbye to the $800-ish deposit if they choose to smoke inside, plus get a bill.

Mistakes are proof you do not have the ability to learn from the mistakes of others.The least expensive education one can get is learning from the mistakes of others. 

I know this doesn't happen often, but it definitely built my confidence that I have the ability to pick a winner, now the construction begins!

Asked me for time to evaluate their ability to service me. 

my question is with a vacant element exposed building is the structure comprised and it likely is a teardown?

If you do, it'll save you a lot, but that's your road to walk down.Another positive of opening an LLC is that you have the ability to get credit in the LLC's name that won't usually show up on your personal credit report/DTI ratios (unless you default).

I started this MBA program before I gained interest in REI but since I seriously want to become an investor I believe that it may be wise to put my efforts elsewhere and have more faith in my ability to generate the income I want without spending more money for that degree.

A large chunk of those requirements is ensuring the purchaser has the ability to repay.

I have about $8,500 in the bank, but I possibly have the ability to borrow money from a family member and split the profits.