Someone correct me on that I may be wrong there.

Please correct me if I am missing some line items here, but here are the working numbers for the property:+ Gross Rental Income: $150,000- Cleaning Fees: ($21,600)- Management Fees:  ($19,260)- Property Taxes: ($3,700)- Insurance: ($2,400)- Trash & Local Tax: ($650)- Utilities: ($7,200)- Pest Control ($560)- Supplies/Maintenance: ($1200)- Acct/Legal: ($1500)TOTAL EXPENSES = ($58,070)Net Operating Income = $91,930---Based on my limited understanding of the local CAP rates for similar properties in Philadelphia, PA 19106 it looks like 5-6% is a realistic number. 

I have no problem working and stepping out of my way but (and please correct me if I’m too naive) I feel like having a job on top of school and covering multiple sources of income would limit my time on working towards those goals and studying the material.

Due to the cost is low since a lot of work has been done overseas (with correct US codes of course), this is good options for long-term rental with multiple complexes of small units as well.

You could still capture 100% of your initial investment back if it appraises correctly.

But I want to be sure I'm understanding even the basics of this correctly.

They estimate....you and the buyer sign doc.s at closing that say when the actual bill comes out in October, you both agree to correct the amount prorated, since it was based on a guess.  

You could probably argue that someone sitting on the sidelines now may end up in the same position you are 5-10 years down the road where they missed a big correction too.

You have to prove residence in that start though correct?

Also consider the fact that we have been seeing rising prices in housing for the last few years many have argued that we are do a correction, (I am neutral on this) and its a mute point if you cash flowing now.