Buy and Hold deals don't really require any special talent and could eventually provide you with positive cash flow and give you an increase in value that could allow you to retire comfortably with all of your properties managed by a property management company doing the daily management and sending you some checks every month that you can survive on and, hopefully, doing whatever you want to do. 

So this varies from state to state and sometimes by county, but I know here in Ga where all my portfolio is located, there is no set limit on the amount you can increase the rents by.

I am interested in the areas surrounding Camden City due to the increase business boom in Camden City (Connor Strong, Subaru, Holtec, etc).   

I keep them around the 50% for 30 days mark with last minute guests filling in the spaces and increasing my occupancy.

And if you go over the comps and you still think the numbers look good, then find a way to power through it and you will have one under your belt and will be more confident and competent in your next one. 

With the goal of building equity and doing renovations to increase the value of the house, does this make sense?

First, I commend you for taking the very first step in your real estate investing career...and that is reaching out to experienced investors on BiggerPockets for advice and guidance.Second, you are in a great position with your credit being the way it is, the money you have saved up, and the increase in salary at your job.What I would do if I were you is to take this time (since you've been in it all of one month or so now) to learn everything there is to know about real estate as it relates to the niche you are trying to pursue.

See numbers below...Purchase Price$121,000Rent$1,200Appraised Value$125,000Mortgage Balance$93,553Vacancy$100.00PITI$746.97Maintenance$50Future Cap-Ex$100PM$120Lease Fee$83.33Total Monthly Expenses$1,200Projected Cash Flow-$0.30I'm interested in possibly refinancing to reduce the mortgage payment (increase the cash flow).

I'm fairly confident that I can find roommates to help me pay off the mortgage.

Keep in mind it will be a 12 yr variable with a balloon payment due but that's not bad at all even if rates increase.