The covered parking area and patios should have adequate drainage to prevent water accumulation and potential damage.Investment ForecastPurchase Price: $849,900Total NOI over 10 years: $308,782.13Year 10 Value: $1,256,336 (based on a conservative 4% appreciation rate)Annualized return: 6.30%ConclusionWhile this property is poised for appreciation, sustaining it over several years for substantial returns would require substantial financial resources due to high debt servicing costs and negative annual Cash on Cash (CoC) returns.

. ~1.1 M in cash).What is the best time to buy the replacement property?

Once I built up enough cash, then I became a buy and hold landlord of single-family homes. 

So, with no foundational knowledge of real property, and no capital, his only alternatives are (1) “bluff” the homeowner into thinking he has the money and intent to close the purchase himself and or convince the homeowner he has an extensive list of cash ready interested buyers (“partners”) with whom he’s done dozens of prior deals or (2) pack up shop, write off the money invested in mentoring to a worthless investment, and decide IF real estate is right for home.  

They have some low down payment 1-4 unit investor programs that can reduce the cash needed (equity line amount) to close.

Cash out refis ok, but may result in slightly lower loan sizing. 

In your shoes, it might be simpler to stay focused on grad school and use your cash to lend to other investors or take an LP role. 

Do you want to try to make some cash flow or secure an asset for the long term so that maybe you can get some friends to rent rooms from you?

They also allow improvements (with documented evidence) to the property to be backed off the sales price for basis.If you do not need the money and don't mind the cash flow, consider owner finance and carry it out for years.  

Cash flow needle in the haystack!